RBC Economics presents an in-depth analysis of the key drivers of economic activity in Canada and the US, including global factors that affect near-term forecasts.
Key highlights
"We expect minimal economic growth in Ontario, BC and Quebec in 2024 as households remain under heavy pressure from high interest rates and a soft US economy weighs on external trade."
- Canada’s economy continues to soften as debt payments rise
- The US economy experienced strong growth through Q3 2023 but is expected to soften in early 2024
- GDP edged lower in Europe and was essentially unchanged in the UK over the summer
- The Fed and BoC are expected to start cutting interest rates in the first half of 2024
- The economic outlook in Canada and the US is forecast to brighten starting in the second half of next year and into 2025
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