CIBC Say Canadian Interest Rates Will Remain At Historic Low

20 June 2012 11:00am - Florence Fullalove

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CIBC Say Canadian Interest Rates Will Remain At Historic Low

The Canadian Imperial Bank of Commerce has said that the country looks set to enjoy historically low interest rates well into 2013. In its new outlook for the global and Canadian economies the CIBC says Canada’s economy will barely keep its head above water with growth rates of 2.1% in 2012 and 2013, after growing 2.4% last year and over 3% in 2010. The main reason for this, the banks says, is that the global economy will continue to slow, down 3% in 2012 which is the slowest pace of expansion since the recession. Added to this the governments are spending less and Canadian consumers are struggling. As such the CIBS says the Bank of Canada will find it difficult to raise interest rates and they predict it will wait until American growth picks up sometime in 2014.

Avery Shenfeld, Chief Economist at CIBC said today, "The global economy hasn't fallen off a 2008-style cliff, but it's been too close to the precipice for investor comfort." He added, "There's a long "to do" list for policy makers that will have to be completed to repair the engines of growth. Some emerging markets are on the boundary of a hard landing, Europe is mired in recession, and the U.S. is moseying along on its half-speed recovery.

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Related Links:
• CIBC
Corporate News Release
• Bank of Canada
Canada's Central Bank

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