Less than two years after Chat-GPT’s launch, there are a growing number of reports which highlight this technology’s shortcomings as a productivity booster. Critics are pointing to recent stock market behaviour as evidence of another hype-driven tech bubble. What should we make of all of this?
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For 2024, we are expressing our outlook as two parts as we see the first and second halves of the year progressing differently. In the first half of the year, we are expecting central banks in both Canada and the U.S. to maintain their policy interest rates at current levels. As the previously aggressive hiking cycles put increasing pressure on consumer and business spending, we see both countries entering mild recessions, with contracting GDPs, slightly increasing unemployment rates, and pressure on corporate earnings.
