Canada’s economic outlook for 2024 remains weak, according to S&P Global research. Real GDP growth in 2024 is expected to slow to 0.9%, only slightly higher than the 0.7% expected in November 2023. To measure economic growth while reducing the statistical bias of commonly reported “annual averages,” they eliminate GDP growth through the fourth quarter. 2024 and Q4 2023 are expected to be just over 1%. Nevertheless, the report predicts that the economy in 2024 will be better than in his last three quarters of 2023. Growth momentum accelerated slightly in the first quarter of 2024, but this was from an exceptionally low level. As far as the housing market is concerned, the economy seems to be on the upswing a bit. Home sales are up from the fourth quarter of 2023, but fell in February in many of Canada’s most unsafe cities. Mortgage lending is expected to increase in the first two months of 2024, which will boost housing investment growth in the second quarter of 2024. Additionally, inflation fell to 2.8% in March 2024, just below the Bank of Canada’s 1% cap. The target is 3%, with the consensus estimate rising to 3.1%. The central bank’s target core inflation rate has fallen from 3.4% year-on-year in December 2023 to an average of 3.2% in the first quarter of 2024.
Despite the positive indicators, investors remain wary of investing in Canada, even in many of Canada’s most unfriendly cities. This is because without monetary policy easing, sustained increases in GDP growth cannot be expected. Overall economic spending remains below average, especially on a per capita basis, resulting in an increase in the unemployment rate of 0.8 percentage points compared to the fourth quarter of 2023. This is also due to an increased labor supply due to an explosive growth in immigrant populations in some of Canada’s most unfriendly cities. Employment rates were also close to pre-pandemic averages as private companies slowed down their hiring processes in the second quarter of 2023. Employment growth has now been slower than population growth for more than 13 consecutive months. With domestic demand unfavorable at best, Canada’s employment outlook remains challenging, with the unemployment rate expected to rise from an average of just over 5.4% in 2023 to over 6.3% by the end of 2024.
Check out the 5 unfriendly cities in Canada.
5. Oshawa
Score: 23
Many people describe Oshawa, especially South Oshawa, as dirty and polluted. Due to its industrial history, the city was nicknamed “Dirty Schwa”. This way of looking at the city deters people from visiting Oshawa. Because people feel that the city is an unwelcoming and inhospitable place.
4. Surrey
Score: 24
Surrey has a very high crime rate. The most common crimes in the city include theft, vandalism, and physical attacks based on ethnicity or race. Therefore, both local residents and tourists feel very unsafe and uncomfortable when visiting this city. Of all the towns in Surrey, Stanwell is considered the most dangerous and unsafe.
3. Quebec City
Score: 26
Quebec City is one of the least ethnically diverse cities in Canada. This is mainly because the law is considered to be very exclusive and does not include certain groups of people at all. This means that certain languages and clothing are generally unacceptable in the city. As a result, many people view Quebec as a very unwelcoming city.
2. Brampton
Score: 26
Crime rates have increased in Brampton in recent years. The most common crimes in the city include robberies, assaults, and shootings. This creates a dangerous environment for city residents as well as tourists. As a result, there is a widespread public perception that Brampton is one of the most unsafe and unfriendly cities in Canada.
1. Vancouver
Score: 27
Vancouver is considered one of the least friendly cities in Canada. Vancouverites are considered arrogant and reserved towards people who don’t belong to the city. Many people describe Vancouverites as inconsiderate and rude. This may be due to the high cost of living and the difficulty locals have in buying basic necessities.
- Ganesh Chaturthi 2024: Innovative and Creative Home Decoration Ideas - September 6, 2024
- Top 4 Outfit Ideas to Celebrate Ganesh Chaturthi in Traditional Style - September 6, 2024
- 10 Essential Video Marketing Strategies for Social Media Success - September 6, 2024