{"id":7678,"date":"2023-04-12T14:13:50","date_gmt":"2023-04-12T14:13:50","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/bank-of-canada-sees\/"},"modified":"2023-04-12T14:16:38","modified_gmt":"2023-04-12T14:16:38","slug":"bank-of-canada-sees","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/bank-of-canada-sees\/","title":{"rendered":"Bank of Canada sees stronger 2023 growth, indicates recession risk has shrunk"},"content":{"rendered":"<p>OTTAWA (Reuters) &#8211;     The Bank of Canada on Wednesday increased its 2023 growth forecast to 1.4%, up from the 1.0% it predicted in January, and indicated it saw less risk of a recession this year.<\/p>\n<p>In its quarterly Monetary Policy Report, the central bank also said inflation should drop quickly to around 3% by mid-2023 but would not hit the 2% target until the end of 2024. In January, it merely said inflation would fall to 2% in 2024.<\/p>\n<p>The bank said annualised growth would hit 2.3% in the first quarter before averaging less than 1.0% for the rest of 2023.<\/p>\n<p>&#8220;Quarterly growth is expected to be weak through the rest of the year. It then picks up gradually through 2024,&#8221; it said.<\/p>\n<p>The bank dropped language saying the chances of a couple of quarters with slightly negative growth were the roughly the same as a couple of quarters with slightly positive growth.<\/p>\n<p>The bank cut the 2024 growth forecast to 1.3% from 1.8% in January and said the economy would expand by 2.5% in 2025.<\/p>\n<p>It said the growth of potential output was expected to increase to 2.3% in 2023 from 1.4% in 2022 and estimated that the nominal neutral rate of interest lay between a range of 2% to 3%, unchanged from its assessment in April 2022. <\/p>\n<p \/>\n<p \/>\n<p \/>\n<p> (Reporting by Steve Scherer and David Ljunggren)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/bank-of-canada-sees\/a-sign-is-pictured-outside-the-bank-of-canada-building-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3B0JT-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3B0JT-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OTTAWA (Reuters) &#8211; The Bank of Canada on Wednesday increased its 2023 growth forecast to 1.4%, up from the 1.0% it predicted in January, and indicated it saw less risk of a recession this year. In its quarterly Monetary Policy Report, the central bank also said inflation should drop quickly to around 3% by mid-2023 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":7679,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-7678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3B0JT-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/7678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=7678"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/7678\/revisions"}],"predecessor-version":[{"id":7688,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/7678\/revisions\/7688"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/7679"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=7678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=7678"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=7678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}