Economists, market watchers, businesses and everyday Canadians are all asking the same question lately as inflation and interest rates take a bite out of household finances: Are we headed for a recession?
A majority of business owners and consumers are saying yes, according to surveys released this week from the Bank of Canada, which showed that most respondents are reining in their spending ahead of a possible downturn.
Also this week, financial advisory firm Deloitte said it’s now forecasting a “deeper” recession than first expected as Canada’s economy slows more drastically.
Researchers at Deloitte are among a growing chorus of economists, including those at most big Canadian banks, expecting 2023 will see the economy take a hit. Global’s Anne Gaviola reports.
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As we look toward the future, there is a growing concern about the possibility of a recession in Canada in 2023. While the Canadian economy has experienced steady growth in recent years, there are several factors that could contribute to a potential economic downturn in the near future.
One of the primary concerns is the impact of the COVID-19 pandemic. While the Canadian government has implemented measures to support businesses and individuals through the crisis, the long-term effects of the pandemic on the economy are still largely unknown. The unprecedented shutdown of businesses, travel restrictions, and disruptions to global supply chains have already had significant economic repercussions, and it is possible that these effects could continue to be felt well into 2023.
Another potential factor contributing to a recession in Canada is the rising levels of household debt. Canadians are carrying higher levels of debt than ever before, with many households struggling to keep up with mortgage payments, credit card debt, and other financial obligations. This has the potential to lead to a decrease in consumer spending, which could have a cascading effect on the overall economy.
Additionally, the impact of global economic trends cannot be overlooked. Canada is a major player in the global economy, and events such as trade disputes, changes in commodity prices, and geopolitical tensions can all have a significant impact on the Canadian economy. With ongoing uncertainties surrounding issues such as Brexit, U.S.-China trade tensions, and the ongoing effects of the pandemic on global trade, there is a risk that these global events could spill over into the Canadian economy, leading to a recession in 2023.
If a recession were to occur in Canada in 2023, it could lead to a number of potential consequences. Many businesses could be forced to close their doors, leading to job losses and increased unemployment. The housing market could also be negatively impacted, with a potential decrease in property values and an increase in foreclosures. Additionally, government revenues could decrease, leading to potential cuts in public services and social programs.
However, it is important to note that a potential recession in 2023 is not a foregone conclusion. There are still opportunities for the Canadian government and businesses to take measures to mitigate the risk of a recession and to support the economy through difficult times. By continuing to support businesses, investing in infrastructure, and providing assistance to individuals and families in need, the government can help to minimize the potential impact of a recession.
While the possibility of a recession in Canada in 2023 is a cause for concern, it is important to approach the situation with caution and to be prepared for any potential economic challenges. By staying informed about economic trends and being proactive in addressing potential issues, Canadians can work together to weather any potential economic storms that lie ahead.
I escape from Canada Ukrainian war didn't effect to my country.
Im poorest person in Kyrgyzstan as I lived in Canada
Definitely a recession….. retail and restaurants are struggling but for some reason house prices are still going up lol.
Only thing of Canada’s advantage is now gone
They Still Vote Trudeau
PULL ALL YOUR MONEY OUT OF BANKS. did you know Canada has no gold? its fake promise money that has 0 value. buy assets or precious metals rid your self of all paper money, very soon if war breaks out they will seize all your bank accounts under "emergency acts" to help fun the war vs Russia then they will issue you "Digital credits" in replacement and a much lower value of course due to the high inflation they have caused by printing trillions. Its all a plan folks, they angerd Putin on purpose and forced his hand to attack Ukriane by secritly trying to bring Ukriane into NATO. now there dragging this war along to slowly turn it to ww3 on purpose, USA Canada and EU are in debt that can NEVER be repaid, they want an excuse to seize all money and start a new currency to WIPE the debt clean. MARK MY WORDS
'inspiring content! when it comes to investment, diversification is the key, that’s why I engaged in sectors based on projected growth. There are no shortcuts to getting rich but there are smart ways to go about it, venturing into the stock market I think is a smart move, but still i have little experience about it, thinking I can get some inspirations on making more profits . So pointers from anyone would be appreciated, no one is perfect".
this is what happens when you vote Lib back into office thats way trudue keeps brining people into Canada so they will vote for him he is buying votes. People want to come to canada but when they come here they find out how hard it really is. if you dont make a lot of money. living in /canada is exspensive make sure you have a good job or bring money with you.
the rates were low for so long people took out mortages and bought homes. most People that live in these homes they cant really afford them if rates were to go even higher. dont be foled by the big house not everyone is making lots of money. I know somone he works in a gas station and his wife works in a factory packing food. how were they able to buy a 1 million dollar house easy they lie about what they really make. , in toronto mortage brokers real estae agents help u lie to fill there pockets.
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
Um…given the cost of food and debt (especially with record high debt levels), I'm not clear how a recession isn't inevitable.
I should sue Trudeau for stressing me out.
Remove Trudeau and the budget will balance itself.
it's going to be a depression and all these online air heads are gonna be hit the hardest lol can't wait
TRUDEAU DID THIS ON PURPOSE
I'll tell you what it means. It means a lot of people are going to get rightfully slapped back to reality. It means the liberals aren't going to get back into power for another forty years and the media that lied for them are going to get DEFUNDED.
The highest watched videos on YOU TUBE viewed by Canadians is How to live in a car or van…
At least some Canadians are planning for the future…
Losing jobs is actually making it worse
Global news will be defunded. Want fries with that flees?
Canada needs to diversify its immigration. At the moment its all from India. Nothing against anyone but I see dangerous influence of local indian politics. India is mired in corruption, casteism and religious hatred. Not good omens
Well she is high times at Rez: Officials announced Saturday that the federal government has agreed to settle a class-action lawsuit, seeking reparations for the loss of language and culture brought on by Indian residential schools, for $2.8 billion.
Are we looming into recession?. 75% of the people are expecting to be a recession in Canada
More like RUSScession
Recessions are part of an economic cycle you can't avoid it. All of the money printing and low interest rate has some serious consequences worldwide
The problem we have is called capitalism it doesn't work for the majority of us it only works for the top 1 percent the rich who been doing well for past 40 years profits keep on going up stock market in the last 20 years have gone up then they start laying off people by the thousand this inflation is making the rich richer the profits show that during the pandemic they have made trillions of dollars in profits this week they are there in devos all the billionaires and even government officials and so on they control how the world runs we see people lives destroyed people dont have money they only have enough to get by governments go along with them because they are buying the political system the other day our prime minister had a dinner with all of his friends 2000 dollar a plate or when justin trudeau stays in a 6000 thousand dollar a night hotel while Canadians are struggling to get by come on wake up
Recession you say………
I opened my front door and experienced it immediately.
We're already in a recession
“Recession don’t scary, funds are all safu”
And the liberals keep spending and sending money overseas and military equipment
Mild? Yeah right
Wasn't global news saying in no way there will be a recession in canada 3 months ago and the people who were saying this were conspiracy theorist
Amazing how everything that is now happening in this World has already been foretold 2000 years ago! Its in the Holy bible! Expect much much worst to come cause this is just the beginning…. you haven't seen nothing yet! Hope For God so loved the world , He gave His only begotten Son, that whoever believes in Him shall be saved. Amen !
Hopefully any recession will see the "journalist" ranks of Global "News" decimated by layoffs.
liberal policies , but you people cant help yourself but vote for them. you want your cake and want to eat it without gaining weight …..
sorry folks , this is reality … i know you actively fight reality being a liberal and all