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Canadian economy achieves soft landing with declining inflation and growing GDP.
The Canadian economy has had a soft landing, avoiding a recession and seeing inflation decrease. GDP growth has been supported by high immigration, but housing affordability is at its worst in years. The financial sector is stable, with banks in good shape. GDP growth is expected to increase slightly, helped by monetary policy changes and immigration. Inflation is predicted to reach the target by 2025. Risks to the forecast are balanced, with global slowdown and financial conditions being potential concerns. The Bank of Canada has started lowering interest rates to manage inflation. There are challenges like low productivity and housing affordability that need attention. The Bank's communication strategy has improved, and further enhancements are supported.
