The bank’s interest statement stated that Canada’s GDP was stronger than expected in the second half of 2021 and that the figures indicate that the economy has absorbed the economic recession as employment figures give strong signals and wage rates are growing at an excellent rate.
The effect of Omicron is expected to be less severe than the previous waves, and the bank expects the economy to grow by about 4.5% in the year 2021, by 4% in the year 2022, and by 3.5% next year.
Inflation rates, although they have exceeded the bank’s target, the bank expects inflation to decline by the end of this year, as the bank is still committed to the 2% target in the long term, and that the bank will use all available tools to ensure its decline in the medium and long term.
The Canadian dollar is falling against the US dollar by more than 70 pips and is trading at 1.2633 levels, after there were expectations of more than 40% that the bank would raise interest rates at today’s meeting.
05/11/2024
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