Heading in 2023, high interest rates are expected to take a significant toll on the Canadian economy.
“2022 was quite a rollercoaster,” said Randall Bartlett, senior director of Canadian economics at Desjardins.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Since March, the central bank has raised its key interest rate seven consecutive times, bringing it from 0.25 per cent to 4.25 per cent. That’s the highest it’s been since January 2008. Orlando said TD expects inflation to fall significantly in the new year as growth globally and domestically slow.Article content
However, many economists are optimistic that unemployment won’t rise too dramatically given the current tightness in the labour market.This advertisement has not loaded yet, but your article continues below.“We are starting the year with very high interest rates, still stubbornly high inflation, but a solid foundation with respect to employment 1/8and3/8 savings for Canadians,” said Orlando.
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