CIBC says Canadians may enjoy historically low interest rates into 2014.
The bank released its new outlook for the global and Canadian economies, and all indicators point to weakening conditions and rising risks.
It says Canada’s economy will barely keep its head above water with growth rates of 2.1% this year and next year, after growing 2.4 in 2011 and more than 3% in 2010.
The main reason, the bank says, is that the global economy will continue to slow, down to 3% this year, the slowest pace of expansion since the recession.
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