High-interest rates weigh on the economy and need to 'come down': CEO

The head of a transportation and logistics company says interest rates are stifling economic activity.

Murray Mullen, the senior executive officer and president of the Mullen Group, said in an interview with BNN Bloomberg on Thursday that the current economic environment is causing stress among consumers squeezed by high interest rates and inflation. 

He is also advocating for the Bank of Canada to lower interest rates. 

“If those interest rates don't come down pretty soon, you're going to have a lot more pain in the economy. Too many people are getting hurt by high interest rates. They have to come down,” Mullen said.