牛津经济研究院（Oxford Economics）的加拿大经济主管Tony Stillo表示：“央行对今年的经济持更积极的看法。”Economists suggest that the Bank of Canada's annual economic growth forecast is overly optimistic, and it may very likely need to significantly cut interest rates again this year to promote economic growth.
Economists had previously generally expected that after a series of disappointing growth data releases, the Bank of Canada would lower its annual Gross Domestic Product (GDP) forecast when it released its quarterly monetary policy report on Wednesday.
However, the central bank only lowered its growth forecast for the third quarter, maintaining its forecast for 2024 unchanged, which has surprised many economists and analysts.
Tony Stillo, the Head of Canadian Economics at Oxford Economics, stated: 'The central bank has a more positive outlook on the economy this year.'
He mentioned that the annual GDP is likely to be below the central bank's expectations, and the bank may have to cut interest rates by another 50 basis points in December to support the economy.
The Bank of Canada reduced the third-quarter GDP growth rate forecast from 2.8% in July to 1.5% in the monetary policy report. However, the central bank maintained its annual growth forecast at 1.2% and did not adjust its forecast for 2025.
Avery Shenfeld, Managing Director and Chief Economist for Capital Markets at the Canadian Imperial Bank of Commerce (CIBC), said: 'If economic growth slightly falls short of the Bank of Canada's forecast, this could be a factor supporting the central bank's 50 basis point rate cut in December.'
Before the central bank makes its next interest rate decision, Canada will release GDP data for August and September, inflation data for October, and two employment reports.
