The Organisation for Economic Co-operation and Development expects the Bank of Canada to raise its policy interest rate to 4.5 per cent in 2023, a higher forecast than many economists who expect the rate to peak at four per cent.
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You can see other videos from our team by tapping here. The OECD predicted that Bank of Canada will hike its interest rate to 4.5% in 2023, but it also lowered its forecast for global economic growth in a report on Monday, warning that inflation could push major economies into a recession.
Global growth is projected to slow down to 2.2 per cent in 2023, down from a forecast of 2.8 per cent in June. The OECD also cut its forecast for Canada's GDP growth by 0.4 per cent to 3.4 per cent in 2022 and 1.5 per cent in 2023, down 1.1 per cent from its earlier forecast.