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Canada’s recent announcement of new immigration reduction targets is expected to have a significant impact on the Bank of Canada’s growth forecast, according to Governor Tiff Macklem. Macklem stated that the reduction in immigration levels may influence GDP growth more than Inflation. However, he emphasized the uncertainty surrounding the implementation timeline of the immigration curbs and noted that the bank has yet to assess the full implications of the new targets.
Macklem also mentioned that if population growth slows down more rapidly than anticipated, it could lead to lower GDP growth. On the other hand, if household spending increases due to the Central bank‘s continued efforts to lower borrowing costs, economic growth may see a boost.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
