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Canada's economy heading in the wrong direction for 2024

Posted on January 2, 2024 |

Canada's economy is gearing up for 2024, but unfortunately, it's moving in the wrong direction.

The Bank of Canada has kept interest rates at their highest levels since 2001, leading to reduced spending by households and businesses.

With inflation slightly exceeding the central bank's target range, households and businesses are feeling the squeeze, causing a slowdown in economic activity.

In October, real gross domestic product showed no growth, falling short of the anticipated 0.2% increase, as reported by Statistics Canada just before Christmas.

This marks the 5th straight month of the Canadian economy failing to achieve positive month-over-month growth,

This situation was observed only during the 2008-2009 financial crisis and in 2015 following the collapse in oil prices affecting Alberta's economy.

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