OTTAWA, ON – January 22, 2020 – Today, the Canadian Chamber of Commerce’s Chief Economist and Vice President of Policy, Trevin Stratton, issued the following statement regarding today’s Bank of Canada interest rate announcement.
The latest data from the Bank of Canada shows that the Canadian economy is in a soft spot with only 0.3% growth in the fourth quarter of 2019 due to weakened business investment, falling exports, and soft jobs numbers. This economic slowdown has already persisted into a new year and is likely to persist in the face of global geopolitical tensions and domestic competitive challenges.
The Bank maintained interest rates, as expected, but also cut its economic outlook for 2020 to 1.6% GDP growth. Like many of our G7 peers, we have entered an era of low interest rates and sluggish growth as our economy has not been able to build any sustainable momentum. This is why the Canadian business community continues to press the government for a national economic strategy that can address our declining competitiveness.
The Canadian Chamber is prepared to work with its network of over 200,000 businesses to address the unprecedented economic challenges Canadians are facing.
Click here to read the Bank of Canada’s quarterly Monetary Policy Report (MPR).
About the Canadian Chamber of Commerce – Because Business Matters
The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.
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