NEW AI helping to identify undiagnosed genetic disorders in children
Researchers have developed the world's first algorithm powered by artificial intelligence to identify children with undiagnosed rare genetic disorders.
The Canadian economy grew slightly in November and looks to have stalled further at the end of the year as higher interest rates began to slow spending.
Statistics Canada's preliminary estimate for real GDP in December indicates the economy stayed flat, suggesting the economy grew at an annualized rate of 1.6 per cent in the fourth quarter of last year.
In comparison, the economy grew at an annualized rate of 2.9 per cent in the third quarter of 2022.
RBC assistant chief economist Nathan Janzen said although the fourth quarter eked out positive growth, the economy was clearly slowing.
That trend is expected to continue, he said.
"The key when you look forward is really that a lot of the impact of interest rate increases from the Bank of Canada to date, haven't yet flowed through fully to household purchasing power," he said.
Economists say the full effects of interest rate hikes usually takes between 12 months and 18 months to fully work its way through the economy.
The stalled growth comes after the economy grew by 0.1 per cent in November, the federal agency said Tuesday.
Growth in real domestic product for the month was driven by the public sector, transportation and warehousing and finance and insurance.
Statistics Canada's report notes that the removal of COVID-19 travel restrictions have spurred growth in transportation and warehousing.
Meanwhile, construction, retail and accommodation and food services contracted.
"You're starting to see more signs of maybe cracks in the consumer spending backdrop," said Janzen, noting the declines in retail trade and accommodation and food services.
The housing market was the first to feel the effects of interest rate hikes, leading to a slowdown in housing-related sectors.
That slowdown is expected to extend to other sectors in the economy as higher borrowing costs force consumers and businesses to pull back on spending.
The Bank of Canada raised its key interest rate for the eighth consecutive time last week and said it was taking a conditional pause, keeping the door open to further rate hikes if inflation isn't tamed.
Statistics Canada estimates that for 2022, the economy grew by 3.8 per cent.
Looking ahead, many economists are anticipating a mild recession in 2023. However, the economy is expected to recover in the second half of the year.
"A lot of the impact of interest rate increases from the Bank of Canada to date, haven't yet flowed through fully to household purchasing power," said Janzen.
"So we still do expect GDP growth to continue to slow and get into negative territory over the first half of this year."
This report by The Canadian Press was first published Jan. 31, 2023.
Researchers have developed the world's first algorithm powered by artificial intelligence to identify children with undiagnosed rare genetic disorders.
Eating more ultraprocessed foods is linked to a higher risk of cognitive decline and stroke, even if a person is trying to adhere to a Mediterranean diet, the DASH diet or the MIND diet, a new study found.
Charlie Colin, bassist and founding member of the American pop-rock band Train, best known for their early-aughts hits like 'Drops of Jupiter' and 'Meet Virginia,' has died. He was 58.
Toronto has been awarded the WNBA's first franchise outside the United States, with the expansion team set to begin play in 2026.
Diminished but not deterred, Hamas is still putting up a fight after seven brutal months of war with Israel, regrouping in some of the hardest-hit areas in northern Gaza and resuming rocket attacks into nearby Israeli communities.
Police say they have wrapped up their on-scene investigation into a deadly boat crash in eastern Ontario as details of the incident begin to emerge.
WestJet Airlines plans to launch a new cheaper fare category that would be available to travellers willing to fly without a carry-on bag.
Canada's dental care plan is 'getting there' Health Minister Mark Holland said Wednesday defending the program's rollout that's now seen two million seniors sign up, but just 10,000 oral health providers enrolled to treat them.
A new survey found a majority of Canadian respondents plan to stay within the country on their next trip amidst high costs of living.
When Jujhar Mann said he wanted to be a pastry chef on a grade school career project, he didn't imagine that pursuing his dream would land him on a popular Netflix baking competition.
A city known for its history, ties to outer space and southern barbecue, is also home to a Winnipeg chef dishing out dozens of perogies.
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Public libraries in Atlantic Canada are now lending a broader range of items.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
2b Theatre recently moved into the old Video Difference building, seeking to transform it into an artistic hub, meeting space, and temporary housing unit for visiting performers in Halifax.
A B.C. woman says her service dog pulled her from a lake moments before she had a seizure, saving her life.