Ontario Premier Doug Ford says the people “need a break” from high interest rates, a day before the Bank of Canada announcement.
Ontario Premier Doug Ford attends a housing announcement in Belleville, Ont., on Friday, March 1, 2024. THE CANADIAN PRESS/Chris Young
On Wednesday morning, the Bank of Canada is slated to make an interest rate announcement and it is anticipated to maintain its key interest rate at five per cent, with most forecasting the first rate cut to come around June.Some economists expect the Bank of Canada will begin cutting interest rates around the middle of the year.
Canada’s economy grew at an annualized rate of one per cent in the fourth quarter, exceeding the central bank’s most recent forecast and economists’ expectations. On a per-capita basis, the real gross domestic product dwindled in that same period. The PBO says the economy will likely grow by 0.8 per cent this year, slightly lower than the central bank’s projection of one per cent. It also anticipates the federal deficit to grow $46.8 billion for the current fiscal year so long as no new measures are introduced – this means it would exceed the Canadian government’s fall projection of $40 billion.
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