The Big Story
How is the economy shaping up for 2025?
Dec 20, 2024
In this insightful discussion, Clay Jarvis, lead writer at NerdWallet Canada, shares his expertise on the economic landscape expected in 2025. He highlights the balancing act between growth, low inflation, and the looming cost of living crisis. The conversation delves into practical strategies for navigating the rising credit card debt and the importance of emergency funds. Jarvis also emphasizes consumer confidence’s role in economic stability and offers tips for reassessing spending habits amidst fluctuating interest rates.
16:25
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Quick takeaways
- Canada's economic growth in 2025 may benefit from interest rate cuts and lower inflation, improving mortgage affordability for Canadians.
- Despite potential growth, the labor market's strain and cost of living crisis underscore the importance of addressing personal debt and financial strategies.
Deep dives
Economic Growth Prospects for Canada
The Canadian economy is projected to potentially lead the G7 in growth as it heads into 2025, driven by lower inflation rates below the 3% threshold and recent interest rate cuts by the Bank of Canada. These changes are expected to provide Canadians with more affordable mortgages and improved loan conditions, offering some financial relief. However, the labor market is experiencing strain, and the effects of a persistent cost of living crisis continue to be a concern. Various factors, such as lower immigration targets and economic uncertainties, could impact GDP growth, raising fears of personal financial hardships including job losses and increased mortgage struggles.
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