Inflation Forecast to Slow While Recession, Job Losses Loom in 2024 Due to Interest Rate Hikes
- Interest rate hikes are slowing inflation, expected to fall to 3.1% in 2023
- High rates causing economic slowdown and expected recession in 2024
- More Canadians renewing mortgages in 2024 likely to face higher payments
- Unemployment rate forecast to peak at 7% in 2024 due to weak economy
- Bank of Canada credibility likely to be upheld despite political scrutiny over rate hikes