{"id":146233,"date":"2024-02-01T10:40:43","date_gmt":"2024-02-01T10:40:43","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/02\/01\/recovery-in-economy-at-the-end-of-2023-may-delay-rate-reductions-in-cananda-expects\/"},"modified":"2024-02-01T10:40:43","modified_gmt":"2024-02-01T10:40:43","slug":"recovery-in-economy-at-the-end-of-2023-may-delay-rate-reductions-in-cananda-expects","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/02\/01\/recovery-in-economy-at-the-end-of-2023-may-delay-rate-reductions-in-cananda-expects\/","title":{"rendered":"Recovery in economy at the end of 2023 may delay rate reductions in Cananda \u2013 Expects \u2013"},"content":{"rendered":"

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Canada\u2019s economy did better at the end of 2023<\/strong>\u00a0than experts thought it would. This might mean that interest rates won\u2019t be lowered as soon as they were supposed to be.<\/p>\n

Statistics Canada said on Wednesday that the economy increased by 0. 2 per cent in November, which is the first growth in six months.<\/p>\n

An early guess shows that the total value of goods and services produced in the country went up by 1. 2 percent in the last three months of the year, after going down by about the same amount in the previous three months.<\/p>\n

StatCan said the economy will grow by 1. 5%<\/p>\n

Those numbers are higher than what the Bank of Canada expected. The central bank thinks the economy will grow by 0. 7% at the end of this year and by 1% next year.<\/p>\n

The\u00a0Canadian economy has been growing more slowly<\/strong>\u00a0in the past year because people and businesses are having to pay more for borrowing money. This means they are spending and investing less. But it has not had a recession yet.<\/p>\n

Douglas Porter, who is the chief economist at the Bank of Montreal, says that the report on Wednesday shows that the economy is doing better than expected. This means that we may need to change our predictions for how the economy will do in 2024 to show that it will be even better than we thought.<\/p>\n

If the economy improves this year, the Bank of Canada can wait before lowering interest rates.<\/p>\n

\u201cThis good result comes after a long time of slow growth. It allows policymakers to slowly stop talking about making things easier, while they wait for inflation to go down,\u201d Porter wrote in a note to clients.<\/p>\n

But, economists are looking at Wednesday\u2019s report carefully and still think the economy will not do well in the future.<\/p>\n

Statistics Canada gives an idea of what it thinks will happen, but the actual results can be very different.<\/p>\n

RBC economist Claire Fan says the report<\/strong>\u00a0might not be completely accurate.<\/p>\n

Additionally, she said that the increase in the real GDP in November was caused by temporary reasons, like a bounce back from factory closures in the manufacturing industry.<\/p>\n

She said that it\u2019s not a big change in how much people are buying at the end of 2023.<\/p>\n

StatCan said that in November, the economy grew because of increases in industries that make and sell products, like manufacturing and wholesale trade.<\/p>\n

At the same time, schools and education services got smaller because of strikes in Quebec.<\/p>\n

The Bank of Canada and other experts think the economy will not grow much in the beginning of 2024, but will get better later in the year.<\/p>\n

Slower economic growth and less price increases could lead to cuts in interest rates. The people who work in finance think that the interest rate might be lowered in April.<\/p>\n

The fan says RBC still expects the central bank to start reducing its main interest rate in June.<\/p>\n

\u201cHigh prices have been making people spend less money. \u201d She said that things will still be the same and will stay the same because rates will be high in the first half of this year.<\/p>\n

At the recent meeting, governor Tiff Macklem said that the governing council is now talking about when to lower interest rates.<\/p>\n

The main bank\u2019s basic interest rate is now at five percent, which is the highest it has been since 2001.<\/p>\n

source:tigpost.co<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Canada\u2019s economy did better at the end of 2023\u00a0than experts thought it would. This might mean that interest rates won\u2019t be lowered as soon as they were supposed to be. Statistics Canada said on Wednesday that the economy increased by 0. 2 per cent in November, which is the first growth in six months. An […]<\/p>\n","protected":false},"author":1,"featured_media":146234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-146233","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nRecovery in economy at the end of 2023 may delay rate reductions in Cananda \u2013 Expects \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/02\/01\/recovery-in-economy-at-the-end-of-2023-may-delay-rate-reductions-in-cananda-expects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recovery in economy at the end of 2023 may delay rate reductions in Cananda \u2013 Expects \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Canada\u2019s economy did better at the end of 2023\u00a0than experts thought it would. 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