Canada’s economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years, official data indicated on Friday.
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[The growth] indicates annualized second-quarter growth of 3.4%, significantly higher than the Bank of Canada’s July 15 forecast of 2.5%, and the highest annualized quarterly increase since the 4.3% seen in the first three months of 2023.
The central bank left its benchmark overnight rate unchanged at 2.25% on July 15 and said growth would strengthen in the second half of the year as inflation pressures eased and firms continued to adapt to U.S. tariffs.
“The economy appears to have found ways to navigate the current cloud of uncertainty relating to trade with the United States,” said Royce Mendes, managing director and head of macro strategy at Desjardins.
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It is a popular policy, and I wholeheartedly agree with wealth taxes as they’re the only way to get back income to get fully funded everything. If it were as popular as you claim, it’d be policy now. That’s how politics works. Maybe we’ll see the NDP rise to prominence once our economy is running better and we’ll transition as a society to funding all of the great social programs to the fullest extent possible. I hope that day happens, but that’s not out current Canadian priorities sadly.