In its latest provincial forecast, CIBC Capital Markets predicts that the country could be in store for a 125-basis-point rate cut this year.The report’s overall theme is that economic growth will be unlikely in the first half of 2024. It begins by declaring that this year will be characterized by slowing growth across the country – something that comes as little surprise to many, in a climate rife with recession talk.
Naturally, some provinces will feel the economic pinch more than others. “Rather than being about which province comes out on top, however, it will more be about which provinces look the least bad,” writes Judge, bluntly. Judge predicts that commodity-producing provinces should see a boost due to stronger commodity prices and a recovery of the demand side as interest rates fall globally.