With the text below Discuss the consequences the increase in interest rates by BOC (Bank of Canada) between the end of November 2022 to the end of November 2023 has had on the Canadian economy, banks, businesses, and the general public. Your answers should be supported by relevant data. The increase in interest rates has led to a slowdown in the Canadian economy. According to the Bank of Canada, the economy shrank in Q3 2023 . The rate hikes have also led to a decrease in consumer spending, as higher interest rates make borrowing more expensive . This has had a negative impact on businesses, particularly those that rely on consumer spending. The rate hikes have also had an impact on banks. Higher interest rates have led to an increase in the cost of borrowing for banks, which has led to a decrease in their profits . This has also led to a decrease in lending, as banks are less willing to lend money when the cost of borrowing is high . The general public has also been affected by the rate hikes. Higher interest rates have led to an increase in the cost of borrowing for individuals, particularly those