In our latest Global Economic Outlook (GEO), we expect that the Bank of Canada, the U.S. Federal Reserve, and the European Central Bank will begin cutting policy rates, but it’ll take them well into 2025 before they reach their neutral levels—the point at which rates neither help nor harm economic activity.
Overall, the global economy will expand by just 2.8% in 2024, before generating a more robust growth of 3.3% in 2025—a pace more in line with pre-pandemic levels. Canada’s economy is also expected to see below-trend growth in the first half of 2024, but tick up in the latter half of the year.
Export Development Canada’s 2024 GEO is a must-read, packed with valuable information, as well as insights on the world’s key economies, interest rates, commodity prices and exchange rates. Click below to read the full report.