Big news about Canada's economy! The Bank of Canada, which is like Canada's money manager, just lowered interest rates. This means borrowing money will be a bit cheaper.
This happened because even though Canada's economy was doing well at the end of 2024, there's worry about trade issues with the US. These trade problems might slow down spending and hiring.
- Interest rates went down by a tiny bit (25 basis points).
- Canada's economy grew faster than expected at the end of 2024.
- There are concerns about trade problems with the US affecting the economy.
| Thing | Number |
|---|---|
| New interest rate | 2.75% |
| Canada's economy growth (Q4 2024) | 2.6% |
| Unemployment rate | 6.6% |
| Inflation (target) | 2% |
