The Bank of Canada has raised interest rates again this year Canada
"In Canada, the economy continues to operate in excess demand and labour markets remain tight. The demand for goods and services is still running ahead of the economy’s ability to supply them, putting upward pressure on domestic inflation," the bank said.
The Bank expects Canada’s economic growth to stall into the first half of 2023 as the effects of higher interest rates are felt across the economy. The BOC forecasts that GDP growth will slow from 3.25 percent in 2022 to just below 1 per cent in 2023, and 2 per cent in 2024. Long-term, higher interest rates will help to ease inflation. The BOC projects that inflation will fall to about 3 per cent by the end of 2023 before returning to its target of 2 per cent by the end of 2024.
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