In this edition:
- Rate cuts and a return to growth: What Deloitte sees on the Canadian economic horizon
- Severe weather in 2023 caused over $3.1 billion in insured damage
- Successes and challenges at Niagara Region headquarters defined 2023: Bradley
- Canadian Chamber calls for sober assessment of Canada’s place in the world
- Economists see ‘turning point’ in housing market this year as interest rate cuts loom
- South Niagara Hospital makes ReNew’s Top100 list
- Focus on Technology
Rate cuts and a return to growth: What Deloitte sees on the Canadian economic horizon
The Canadian economy will return to growth in the second half of 2024, with interest rate cuts as early as this spring, according to a new forecast by Deloitte Canada.
The firm’s economic outlook predicts stagnant growth during the first half of the year as the effects of higher interest rates continue to work their way through the system.
Deloitte Canada chief economist Dawn Desjardins said that while this could mean a technical recession — two quarters or more of negative GDP growth — it’s unlikely the Canadian economy will see the deep decline or labour market rout that typically accompany a true recession.
Severe weather in 2023 caused over $3.1 billion in insured damage
For the second year in a row, Canada exceeded $3 billion in insured damage from natural catastrophes and severe weather events. Nationally, insured damage for severe weather events reached over $3.1 billion in 2023, according to Catastrophe Indices and Quantification Inc. (CatIQ).
In fact, 2023 is now the fourth-worst year for insured losses in Canada. This grim statistic highlights the financial costs of a changing climate to insurers, governments and taxpayers.
Successes and challenges at Niagara Region headquarters defined 2023: Bradley
As the curtain fell on 2023, Niagara Region Chair Jim Bradley took time last week to reflect on the year’s achievements and difficulties at regional headquarters in Thorold.
“With to the start of a new term, regional council ended up passing two budgets in the same calendar year, and both were challenging,” Bradley said, as he concluded his fifth year as regional chair on the heels of a political career that spanned decades as an MPP at Queen’s Park.
Canadian Chamber calls for sober assessment of Canada’s place in the world
On December 29, 2023, Canadian Chamber President and CEO Perrin Beatty sent an open letter to the Right Honourable Justin Trudeau. With a focus on Canada’s strategic engagement in the world, the letter calls for a sober assessment of our international priorities and a recalibration of how we engage with other nations.
The letter acts as a recognition of how quickly the world has changed in only a few years, with the international order being challenged and undermined on many fronts. The letter also draws attention to the fact that, with the exception of the Indo-Pacific Strategy, Canadian foreign policy in recent years has frequently appeared to be reactive and unfocused, signaling that we have too often concentrated our efforts on policies designed to produce good feelings instead of on those that will produce good results.
Click here to read the letter.
Economists see ‘turning point’ in housing market this year as interest rate cuts loom
After a year marked by caution and shifting expectations spurred by rising borrowing costs, economists believe the Canadian housing market could be in for a rebound in 2024.
That’s largely dependent on forecasts that the Bank of Canada could begin cutting its key interest rate from the current level of five per cent as early as the second quarter of this year.
“We’re obviously watching for a turning point in the market,” said TD Bank economist Rishi Sondhi.
South Niagara Hospital makes ReNew’s Top100 list
ReNew Canada will release its 18th annual Top100 Projects Report this month, which compiles the top 100 public infrastructure projects by value.
Editor John Tenpenny said 2023 came close to a milestone as the combined value of all the projects reached $292 billion, “up almost $20 billion over last year. So, we’re approaching that milestone of $300 billion driven largely by 50 new projects on the list that came in at about $20 billion total.”
“(There are) 19 health care projects. That’s the largest single section of projects on the list. Of the 15 new projects, like the South Niagara Hospital in Ontario and the New Surrey Hospital and BC Cancer Centre, are a couple of the new projects on the list that have bumped that number up,” Tenpenny said.
Did you know?
There are over 2,000 video game design schools in the world.
Focus on Technology
How AI and machine learning solutions drive value for financial institutions
In an era where technology is reshaping industries, BMO is making waves in the financial sector through its robust artificial intelligence (AI) initiatives and machine learning technologies.
A recent interview with Eric Morrow, Managing Director, Enterprise Data Science & AI, Data & Analytics, and Alex Tait, U.S. Chief Data and Analytics Officer, Data & Analytics, shed light on the transformative power of AI, where increased model performance directly correlates with amplified revenue, reduced costs, and most importantly, enhanced customer experiences.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
