OTTAWA — The Canadian economy continues to beat recession fears, posting modest growth in the fourth quarter even as high interest rates weighed on consumers and businesses.
Statistics Canada reported Thursday real gross domestic product increased by an annualized rate of one per cent, beating economists’ expectations and the Bank of Canada’s forecast for the final three months of 2023.
“We still are living in a world of high interest rates, where Canadians and Canadian businesses are constrained. And as a result, we’re essentially in this slow growth time period right now for as long as interest rates remain high,” said James Orlando, TD’s director of economics.
The
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