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MNI BRIEF: BOC Still Sees Weak Near Term Growth After GDP Lift

(MNI) OTTAWA
OTTAWA (MNI)
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanada Bank of Canada Market NewsPolicy StoryBriefStoryRegionNorth America

Bank of Canada Governor Tiff Macklem said Thursday he continues to see a "flat" economy in the near term, days after a flash estimate showed fourth-quarter GDP climbed at a 1.2% annualized pace instead of the reading of no growth the central bank estimated last week when it held interest rates at the highest since 2001.

"Economic growth is expected to be modest in 2024 -- weak in the first half before picking up around the middle of the year and rising to about 2.5% in 2025," Macklem told the House of Commons finance committee Thursday. "With the economy now looking to be in modest excess supply, demand pressures have abated." (See: MNI INTERVIEW: StatsCan Likely Keeping Flash GDP Estimates)

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Bank of Canada Governor Tiff Macklem said Thursday he continues to see a "flat" economy in the near term, days after a flash estimate showed fourth-quarter GDP climbed at a 1.2% annualized pace instead of the reading of no growth the central bank estimated last week when it held interest rates at the highest since 2001.

"Economic growth is expected to be modest in 2024 -- weak in the first half before picking up around the middle of the year and rising to about 2.5% in 2025," Macklem told the House of Commons finance committee Thursday. "With the economy now looking to be in modest excess supply, demand pressures have abated." (See: MNI INTERVIEW: StatsCan Likely Keeping Flash GDP Estimates)