Canada’s GDP revisions ‘raise questions over monetary policy’

However, experts disagree on whether central bank’s modelling was flawed and if it cut rates too quickly

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When Canada’s official statistics body revised the country’s post-Covid GDP figures upwards, it called into question how responsive the central bank had been to conditions in the real economy.

On November 2, Statistics Canada revised the GDP figure for 2021 from 5.3% to 6.0%. The figure for 2022 was revised from 3.8% to 4.2%, while the figure for 2023 was changed from 1.2% to 1.5%.

Philip Cross worked at Statistics Canada for 36 years, ending his tenure as its chief economist. He tells Central

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