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Macroeconomic Outlook

Canada’s macroeconomic outlook: U.S. trade risks are derailing a recovery

March 13, 2025

The threat of significant international trade disruptions is overshadowing what would have been a substantially improving Canadian economy.

Canada’s growth prospects brighten in 2025 but not without challenges

December 12, 2024

Canada’s economic growth challenges are expected to ease as the Bank of Canada continues to lower interest rates—but not right away, and longer-run challenges remain.

Falling inflation, rising jobless rate usher in easing cycles in Canada and abroad

September 18, 2024

The Canadian economy has continued to underperform global peers with declines in per-capita output in seven of the last eight quarters.

Rate cuts won’t spur immediate rebound in Canada’s economy

June 12, 2024

The global economic growth backdrop has shown signs of improvement, but Canada’s economy continues to underperform.

Canadian economic slowdown is not over

March 12, 2024

The Canadian economy is still slowing as the lagged impact of earlier interest rate increases materialize. Gross domestic product edged...

Hitting tipping points

December 12, 2023

The global economic growth backdrop has continued to slow as the lagged impact of aggressive central bank interest rate hikes continue to build alongside a continued squeeze on household purchasing power from the earlier rise in food and energy prices.

Canada’s economic engine is gearing down

September 13, 2023

Headwinds from higher interest rates and a slowing global economy are building. Canadian GDP edged 0.2% lower in Q2 of...

Canada’s economy is beating expectations, but for how long?

June 8, 2023

In both Canada and the U.S., GDP continued to grow in Q1—and consumers kept spending. But the surge in interest rates will continue to take a toll.

Canadian economy unlikely to dodge a downturn despite early-2023 resilience

March 15, 2023

Economic growth has been more resilient than feared in the wake of aggressive interest rate increases last year.

Rate-hiking cycle ending as recession edges closer

December 14, 2022

The Canadian economy continues to inch closer to a recession in 2023.

Brace for a 'bumpy' landing, Canada

September 12, 2022

We expect the coming downturn in Canada will be ‘moderate’ by historical standards. - RBC Economics

Growth opportunities narrow amid searing inflation and a scarcity of workers

June 7, 2022

With most restrictions lifted, the hard hit travel industry is poised for better than average growth.