Darpan News Desk The Canadian Press, 01 Sep, 2023 11:01 AM
The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.
Economist Tu Nguyen (WIN) at R-S-M Canada says the cooling economy should be enough evidence for the central bank to forgo further rate hikes unless there is another major external shock that sends inflation upward.
She says this is the first time since the early days of the pandemic that spending on services did not grow, which is a powerful sign of a cooling economy.
The review made 26 findings, including recommendations around better communications, transparency, data collection and improved public trust. Farnworth said the government tried to be as open as possible during the pandemic and based its decisions on the best public health advice available.
While she supports the New Democrat government's recent decision to reverse a plan to phase out individual funding for children with autism, she said Premier David Eby also needs to provide equitable resources to help all children with special needs.
The board warned such conditions could persist as inflation remains stubbornly high and further interest rates are expected, encouraging people to forego home purchases over the holidays.
Their meeting came just a few days after B.C.'s coroner released the overdose death toll for October of 179 people, saying the illicit drug supply has created an environment where everyone who uses substances is at risk.
20 year old Kartik Saini was killed when his cycle was hit by a pick-up truck and dragged at the intersection of Yonge Street and St. Clair Avenue in midtown Toronto. The driver was charged on Thursday with careless driving and violating traffic signs.
A dusting of snow, no more than five centimetres, is expected in Fraser Valley, Howe Sound, Sunshine Coast, southern Gulf Islands and Metro Vancouver., potentially creating challenges for the afternoon commute, but Environment Canada predicts "significantly less" impact than Tuesday night's storm.
