INFLATION, HIGH INTEREST RATES TO DAMPEN ECONOMY

Inflationary pressures and high interest rates are expected to take a bite out of Hamilton's economic growth this year, according to a new forecast released by the Conference Board of Canada.

The report states the city's gross domestic product (GDP) will grow by an estimated 1.4 per cent in 2023 — which is half of the approximately 2.8 per cent growth that was seen in 2022.

"It's the theme for most cities across the country this year," said Viktor Cicman, an economist at the Ottawa-based think tank. "However, we are expecting things to pick up later in the year."

The economic slowdown comes after a year of rebounds for the city, which were fuelled by waning public health restrictions such as capacity limits, masking rules and vaccine policies.