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Cdn economy to resume growth in 2024: report

Darpan News Desk The Canadian Press, 28 Sep, 2023 10:36 AM

Canadian economy to get 'back on its feet' next year, Deloitte Canada says.

A new report from Deloitte Canada suggests the economy's near-term struggles will ease next year as the Bank of Canada begins cutting its key lending rate.

The report estimates GDP will rise one per cent this year and 0.9 per cent next year. Deloitte Canada had earlier predicted GDP would contract 0.9 per cent in 2023.

It says a population surge in Canada and an improved outlook for trade with the U.S. likely prevented the country from going into a deeper recession.

The report predicts the Bank of Canada will start lowering interest rates next spring, eventually bringing the overnight rate to three per cent by mid-2025.

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