Financial expects are warning Canada will see a recession in 2023, but Desjardins chief economist Jimmy Jean says it’s expected to be mild.
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Canada has been enjoying a steady economic growth in the past few years. However, there have been talks of a possible recession in the near future.
A recession is defined as a period of economic decline where there is a significant decrease in economic activity, with a drop in GDP for two consecutive quarters. A recession can have a range of negative effects, such as high unemployment, falling wages, and lower levels of production and investment.
The COVID-19 pandemic has disrupted global markets and economies, and has caused a significant impact on Canada’s economy. There has been a sharp decline in oil prices, which is a crucial component of the Canadian economy. Additionally, the country’s export-oriented economy has been impacted by reduced global demand and supply chain disruptions.
Moreover, the Canadian housing market has been a cause for concern, with high levels of household debt, and rising interest rates. With household debt levels at a record high, many Canadian families are struggling to make ends meet, and this could lead to a possible decrease in consumer spending.
The Bank of Canada has been proactive in measures to cushion the shock and prevent a recession. It has reduced the interest rate to 1.25% and provided liquidity to the banking system. Furthermore, the Canadian government has implemented measures such as the Canadian Emergency Response Benefit (CERB) to support individuals and businesses during these challenging times.
However, despite these measures, experts predict that a recession is still likely to occur. The Canadian Press reported that nearly a third of economists surveyed believe that the country will experience a recession this year.
In conclusion, while there are several measures in place to prevent a recession in Canada, the economic impact of the COVID-19 pandemic cannot be ignored. A recession may be inevitable and all stakeholders must work together to mitigate its impact and find ways to ensure a speedy recovery.
Trudeau is a bum
It wont be mild
Record profits for the big corporations and the Canadian oligarchs, recession for everyone else
The news live in a fairy land. A recession lasting since last summer is caller a mild. LMAO.
Perhaps bring on an expert who doesn’t have a sub 70 IQ. This guy is brutal.
Thank dictator Trudeau for this.
It all comes down to inflation. If it stays stubbornly high and the BOC has to raise rates higher, the economy will be in deep trouble.
We're already in a recession u morons
Mild recession/ inflation is coming? Well coming hike interest rate over the current inflation….is not mild as you put it. Amazed by such poor interpretations by Canadian expert.
Need a day and time
The role these bank economists play is to manage consumer sentiment in whatever direction is most beneficial to the banks. These same clowns were forecasting a 5% peak to trough correction last year lol.
As an elder millennial, one of the few advantages is having lived through the Great Recession. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
Canada is a joke
long and mild with no growth.
Sweet the taxpayers get a recession and the liberal government gets a raise
It's expected because it's created.
François Trahan will give quite a different perspective on this issue. He predicts a depression-like recession
Mild lol .
How could even called a recession if it lasts for few months! Canada has winter recession every year and no one worries about
were already in a depression so the recession point is past
All the shops are in record high sell and profit, rate has two go 2% higher for a rescission.
"MILD"
It’s been here for quite a while!!
Is this report suppose to be a joke? We have been in recession since the start of 2022.
I hope it’s a wake up call to respect all sectors of Canadas economy.
Hit 100k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 8k in June 2022
Wages are strong ??
And the wealthy will benefit either way with record profits… Blah blah blah… No rest for the wicked…
We saw this coming a year ago.
Thieves