GRONGHUI, April 19 | Scotiabank Canada's chief economist Jean-François Perrault said that given strong growth in early 2024, large-scale government spending, and the weakness of the Canadian dollar, the Bank of Canada may not cut interest rates until the third quarter. Considering that Canada's economic growth prospects are stronger, the deceleration of inflation needs to be considered in the broader context. According to Perrault, Scotiabank currently expects a growth rate of 1.5% in 2024, rather than the 1% forecast previously. Canada's annual budget plan announced this week predicts a steady 6.7% increase in government spending, which will drive economic growth. In fact, Canada's public-sector spending could account for half of economic growth this year. The Canadian dollar weakened in anticipation of the Bank of Canada's interest rate cut, and further weakening may affect policy decisions.