Canadian Economy to Remain Sluggish Through 2024: Budget Office

Published on March 6, 2024

The Parliamentary Budget Office (PBO) is forecasting a growth in the deficit and inflation to fall to 2 percent amid a weak economy in 2024. The PBO outlined its predictions on the Canadian economy in a March 5 report. Key expectations include a sub-1 percent GDP for 2024 and slight rise in unemployment, which will then slowly decline. Inflation is predicted to fall, with the Bank of Canada (BoC) interest rate following suit. Federal debt will rise along with the yearly deficit in 2024, but so will annual revenues. These figures precede a Bank of Canada interest rate announcement on March 6 and the release of the 2024 federal budget next month....

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