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Bank of Canada to lower growth forecasts

The Bank of Canada will release a rate decision along with its monetary policy report on October 23. The regulator is widely expected to hold interest rates unchanged at 1.0%.

However, the BoC Senior Deputy Governor Tiff Macklem said earlier this month that the Canada’s economy will expand more slowly than had been forecast. According to him, the bank now expects economic growth of 2.25% in the H2 2013 (previous forecast: 3.2%). The central bank’s monetary policy report and rate announcement will give us more details.

“The global economy has disappointed the bank’s expectation (U.S. growth in 2014 is particularly vulnerable),” said economists at TDS Securities. “Paired with weaker commodity prices and a smaller-than-expected rebound over the second half of the year, the outlook for the Canadian economy will also be pared back”.

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