Investor Presentation February 2024
Economic outlook and indicators1
Canada
United States
Eurozone
Economic Indicators (%) 1,2
2023E²
2024E²
20252
2023E²
2024E²
2025E² 2023E²
2024E² 2025E²
GDP Growth
1.1
1.2
2.0
2.5
2.4
1.8
0.5
0.4
1.2
Inflation
3.9
2.7
2.2
4.1
3.2
2.3
5.4
2.6
2.0
Interest Rate (3mth Tbills)
4.74
4.65
3.75
5.28
5.35
4.55
3.43
3.69
2.96
Unemployment Rate
5.4
6.3
6.0
3.6
4.0
4.1
6.5
6.6
6.4
Current Account Balance / GDP³
(0.6)
(0.6)
(0.7)
(3.0)
(3.1)
(3.1)
1.9
2.3
2.3
Budget Surplus/ GDP³
(1.4)
(1.3)
(1.3)
(6.3)
(5.6)
(6.0)
(3.5)
(2.9)
(2.6)
Canada
•
•
•
The Canadian economy has slowed due to higher
interest rates but is showing signs of improvement. The
economy is expected to expand 1.2% in 2024
Inflation has fallen to 2.9% in March and should decline
gradually further this year
The Bank of Canada is expected to begin lowering policy
rates in June with 75 basis points of cuts anticipated this
year
United States
•
•
The U.S. economy remains resilient due to healthy
consumer spending but will likely moderate in response to
elevated interest rates
Inflation has picked up to 3.5% in March but is expected
to decline gradually in the year ahead
The Fed is expected to begin reducing policy rates in July
by a total of 50 basis points this year
This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2
1 Data is annual average. Estimates as of April 19, 2024
2 Eurozone estimates provided by IMF
BMO M
Investor Presentation ⚫ February 2024
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