Bank Of Canada Drastically Cuts Projection For Canada’s 2019 Economic Growth

And it looks like interest rate hikes are off the table for now.

The Bank of Canada has made a big downward revision to their projection for Canada’s economic growth this year.

They’re predicting just 1.2% GDP growth this year, a big cut from their previous prediction of 1.7 growth.

A half percentage point revision is a big one, and is in line with the increasing amount of negative economic data.

The Bank has also made clear that interest rate hikes are off the table for now, holding the rate at 1.75%.

Additionally, they altered their neutral rate range downward by 25 basis points, to between 2.25% and 3.25%.

The Canadian Dollar fell on the news, and is down about 0.44% as of this being written.

This is a further indictment of Justin Trudeau’s failed economic policies. With Canada’s population growing rapidly due to huge immigration increases, it is appalling for our growth rate to be so low. And considering the rising cost of living and population growth, GDP ‘growth’ of 1.2% will feel like falling backwards for many Canadians.

Spencer Fernando

Photo – YouTube

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Don Taylor

It is time for canadians to smarten up and get rid of this incompetent fool of a PM,before he completely destroys our country

Norbert Kausen

Not increasing the interest rates is going to be detrimental to our already faltering economy! It will do nothing but exacerbate our current “sub-prime” problems and it will only serve to contribute to the collapse of our economy! Real estate CANNOT run an economy! Neither can oil! An economy must be diverse and robust on many levels, but primarily in agriculture and manufacturing. We have systematically destroyed both!

Eric Blair

Remember that inflation is almost at 2% so growth at 1.2% is not keeping up with inflation so growth is really negative.

shawn harris

Trudeau has once again demonstrated his total cluelessness about economic fundamentals. First no economy can ever be expected to produce increases in wealth, jobs and prosperity , while the government puts into practice policies that only produce the reverse, reduced wealth, investments, fewer jobs, higher taxes, and a divided and unstable economy. Trudeau’s guiding light about economics, socialism, has never worked , no matter wherever it has been tried or forced upon the citizens;just talk to the average Cuban or Venezuelan. As Margaret thatcher said , “the problem with socialism only works until you run out of other people’s money”.… Read more »