“To increase incomes and standards of living, we need to improve our productivity and competitiveness," said Tiff Macklem. "The loss of incomes and growth now make this imperative." Photo by Michelle Berg/Saskatoon StarPhoenix/Postmedia files

Bank of Canada governor Tiff Macklem said he expects growth in the Canadian economy will likely be soft during the second half of 2025, after activity contracted in the second quarter of this year.

“We do expect growth to resume in the second half of the year, but with weakness in business investment and exports, and uncertainty about jobs, GDP is likely to be soft,” Macklem said during an event at the Peterson Institute for International Economics in Washington, D.C. on Thursday.

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