Canada to See Spring Interest Rate Cuts and Economic Growth by Year’s End, Deloitte Predicts

The firm says the expected rate cuts will relieve some of the price pressures though Canadians shouldn’t expect the rates to return to their pre-pandemic lows.

A Deloitte logo is pictured on a sign outside the company's offices in London, England, on Sept. 25, 2017. Daniel Leal-Olivas/AFP via Getty Images

Canada’s economy will return to growth in the second half of 2024 with interest rate cuts expected as early as late spring, Deloitte Canada says.

The financial firm’s latest economic outlook report forecasts sluggish growth during the first half of the year due to the impact of higher interest rates but also predicts momentum in the economy and the job market will improve in the second half of 2024.