Higher interest rates, cooling economy will strain provincial budgets: RBC economist

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Most of Canada’s provinces emerged from the pandemic with less debt and more revenue than expected, but the tailwinds they’ve seen in the last two years are about to shift, according to an RBC economist.

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RBC Predicts Contraction in Canadian Economy for Third QuarterRBC forecasts a second consecutive quarterly contraction in the Canadian economy for the third quarter, based on August data and estimates for September. The bank's prediction comes as Canada 2020 holds a Net-Zero Leadership Summit in Ottawa, with government officials discussing various topics including immigration.
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