The Organization for Economic Co-operation and Development (OECD) has predicted that Canada will experience a slowdown in economic growth due to increasing interest rates and a disappointing rebound in China’s economy. The OECD forecasts that global growth will decrease to 2.7% in 2024, following a sub-par expansion of 3% this year. In Canada, the economy is expected to grow by only 1.2%, which is a decrease from the previous forecast. Unifor, a labor union, has extended negotiations with Ford Motor Co. by 24 hours after receiving a substantive offer. The union is focused on improving wages, pensions, and securing good jobs in the electric vehicle industry. Global stock markets are cautious ahead of the upcoming decision on interest rates by the United States Federal Reserve. In Canada, the consumer price index will be released, and economists are expecting inflation to reach around 4% in August. Bank of Canada deputy governor Sharon Kozicki will also speak about the effects of household differences on monetary policy since the COVID-19 pandemic.
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