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Chief Economist Avery Shenfeld explains why  that “all's well that ends well,” is probably the best thing we can say about the Canadian economy in 2024.

They say that, “all&#8217;s well that ends well,” and that&#8217;s probably the best thing we can say about the Canadian economy in 2024.
Certainly the first half of the year looks sluggish at this point, continuing the trend we&#8217;ve seen over
the last few quarters of 2023 with high interest rates and a sluggish global economy weighing on Canada&#8217;s growth.
We may still skirt by an outright recession, but we do expect to see some further weakness in the job market and some pretty challenging business conditions for the parts of the economy that are more cyclical.
But the good news is that by the latter half of the year, with inflation under better control, we will see interest rates falling quite sharply.
We expect the Bank of Canada to cut the overnight rate of interest by one-and-a-half percent over the course of the year, and that should not only see the Canadian economy gathering some steam later in the year, but also improve prospects and optimism for 2025.
So getting through a couple of tougher quarters perhaps, but emerging from that with much better optimism for what lies ahead for Canada.
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The Economic Brief

Drivers of Growth

What lies ahead for the Canadian Economy in 2024

What lies ahead for the Canadian Economy in 2024

Avery Shenfeld

Managing Director and Chief Economist

CIBC Capital Markets