The Bank of Canada announced today its decision to keep its target for the interest rate at 5%. If you're wondering what this means for you and the Canadian economy, let's break it down in simple terms.
This rate serves as a benchmark for all other interest rates in the country.
Why did the Bank of Canada make this decision? The central bank decided to keep interest rates steady for several reasons:
Global Economic Conditions: The global economy has been slowing down, which affects Canada's economic prospects. The Bank of Canada expects global GDP growth to be around 2.9% this year, 2.3% in 2024, and 2.6% in 2025. These numbers haven't changed much from previous projections, but there are some shifts in economic performance among…
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