03:08:22 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Royal Bank of Canada
Symbol RY
Shares Issued 1,385,789,289
Close 2023-01-30 C$ 135.07
Market Cap C$ 187,178,559,265
Recent Sedar Documents

Globe says CIBC, rivals hear "mild" recession possible

2023-01-30 07:11 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Saturday, Jan. 28, edition that Finance Minister Chrystia Freeland's Nov. 3 fall economic statement projected a $36.4-billion deficit for the current 2022-23 fiscal year. The Globe's Bill Curry writes that the document also provided a "downside scenario" in which the deficit could be $49.1-billion if various economic risks materialized. Last week, Associate Finance Minister Randy Boissonnault said the fiscal track remains within those two projections. The fall economic statement used a forecast of 3.2-per-cent GDP growth in 2022 and 0.7 per cent in 2023. The Bank of Canada's latest Monetary Policy Report, released Wednesday, showed the bank has revised its GDP forecast upward for this year and next. The BOC now expects 3.6-per-cent growth in 2022 and 1-per-cent growth in 2023. Governor Tiff Macklem said last week that the BOC expects the Canadian economy to slow at the end of 2022 and to stall through the middle of 2023. He said that could mean a mild recession in 2023. Ms. Freeland said the coming 2023 budget will be fiscally prudent. She also said the government will need to address calls for increased spending on health care and the green energy transition.

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