According to the Organisation for Economic Co-operation and Development, the Bank of Canada will raise its policy interest rate to 4.5 per cent in 2023, higher than many economists who think the rate will peak at four per cent.
In a report on Monday, the Organisation for Economic Co-operation and Development cut its forecast for global economic growth.
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The world's growth is expected to slow to 2.2 per cent in the next five years.
The forecast for Canada's GDP growth has been cut by the Organisation for Economic Co-operation and Development.
The global economy has lost steam in the wake of Russia's aggression against Ukraine. The secretary-general of the Organisation for Economic Co-operation and Development said in a statement that GDP growth has slowed in many countries.
Further policy rate increases are needed in most major advanced economies to reduce inflation and these will likely involve a period of below-trend growth, according to the Organisation for Economic Co-operation and Development. Policy rates are expected to rise in the US, Canada, and the UK because of labour market pressures, the agency said.
The Bank of Canada has a rate.
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