Canada looks set to dodge a recession despite the ongoing downward pressure from higher interest rates, Deloitte Canada said in its economic outlook report.
Deloitte signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. Deloitte Canada says the country looks set to dodge a recession into 2024 despite the ongoing downward pressure from higher interest rates. THE CANADIAN PRESS/Andrew Lahodynskyj
In an effort to fight breakneck inflation, the Bank of Canada raised the country's key interest rate from near zero in March 2022 to the current five per cent with a series of hikes. Statistics Canada reported on Thursday that Canada's GDP rose 0.6 per cent in January, with a preliminary estimate of 0.4 per cent growth in February.
The biggest headwind is the cost of housing, Deloitte said, as Canadians continue to renew mortgages at higher rates. Higher shelter costs are also being felt by renters.
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