Canada budget forecasts 'soft landing' in 2024, avoiding recession

Canada is expecting a “soft landing” this year and will avoid a recession due to slightly improved growth despite relatively high interest rates weighing on the economy, the government’s federal budget said Tuesday.

Economists surveyed by the government “expect the economy to avoid a recession,” it said, forecasting growth of 0.7 percent this year and 1.9 percent in 2025 — compared to 0.5 percent and 2.2 percent forecast in a November economic statement.

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