Bank of Canada Adjusts Economic Projections: Growth Forecast Decreased for 2024
Wednesday, 24 July 2024, 13:46
Bank of Canada Adjusts Economic Outlook
The Bank of Canada has revised its growth projections for 2024, citing several factors influencing economic performance.
Key Adjustments
- Growth forecast trimmed to 1.2% from 1.5%
- Lower consumption due to decreased demand in motor vehicles and foreign travel
- Increased household allocations towards debt servicing
The central bank emphasizes the importance of these trends and their implications for inflation management.
Future Outlook
Despite the adjusted growth outlook, the bank anticipates that inflation will reach its target of 2% by the latter half of 2025, indicating caution yet optimism regarding economic recovery.
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