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News   August 4, 2023   by Adam Malik

How much growth is expected for Canada?

Economic growth is on the horizon after a flat second quarter, according to the Canadian Federation of Independent Business.

The group is expecting a modest rebound of 1.4 per cent in the third quarter of this year, its latest Main Street Quarterly found. It also doesn’t see a recession happening.

It also expects inflation to get as low as 2.4 per cent, excluding food and energy.

Statistics Canada put the consumer price index at 2.8 per cent for June, a drop from 3.4 per cent in May.

“Key macroeconomic indicators, such as GDP, retail sales and inflation, appear to be moderating. We forecast that Q3 inflation, both total and core, will be within or likely very close to the Bank of Canada’s inflation-control target range of 1 to 3 per cent,” said Simon Gaudreault, CFIB’s chief economist and vice president of research.

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