The BoC's second-quarter survey, conducted from June 8 to 19, showed a median of the participants expect the bank to hold interest rates at a 22-year high of 5.00% until the end of 2023, before starting to cut rates in March.
A median of 25 participants now also predict a 0.7% gross domestic product growth at the end of 2023, instead of a 0.1% contraction forecast in the last survey. The bank has hiked rates 10 times since March 2022 and said it could raise rates further because of the risk of inflation stalling above its 2% target.
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