Canada’s Economic Slump: Rate Cuts, Housing Crisis, and What It Means for Your Wallet!
Weak GDP growth has been a critical factor influencing the Bank of Canada's decision to cut rates recently, with further cuts likely in 2024. In Q1 2023, GDP growth fell short of expectations at 1.7% compared to the forecasted 2.3%. Additionally, Q4 2022 GDP was revised down to flat, indicating zero growth for the latter half of 2023. On a per capita basis, GDP declined by 2.6% year-over-year, marking the steepest drop since the Global Financial Crisis. Employment rates have also plummeted, r...