A day after the Bank of Canada announced its pause on interest rate hikes, the Manitoba Chambers of Commerce was honoured to host senior deputy governor, Carolyn Rogers for a special luncheon event to explain the bank’s decision.
In her speech at the Fairmont Winnipeg to a packed room of business leaders Rogers pointed out that Canada’s economic growth rate has been the strongest among the G7 countries since the beginning of last year and the International Monetary Fund expects Canada to have the strongest average GDP growth in the G7 over 2023 and 2024. But she said there are still a lot of hurdles for the economy to overcome to reach the BoC’s target inflation rate of two per cent.
Rogers also pointed out that Canada develops monetary policy to suit the domestic economy, but there is the question of how the country will be impacted if the U.S. continues to raise rates as its Federal Reserve suggested this week might be the case.
A big thank you to the Associates for their partnership on this event along with presenting sponsor the University of Manitoba and supporters CPA Manitoba and the Manitoba Institute of Trades and Technology.