Parliamentary budget officer Yves Giroux, The Globe and Mail’s Robert Fife and The Star’s Stephanie Levitz discuss the economy.
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BREAKING: Recession News
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The COVID-19 pandemic has had a profound impact on economies worldwide, and Canada is no exception. While the country seemed initially to weather the storm with limited impact, concerns are mounting as to whether Canada will see a recession in 2023.
According to Parliamentary Budget Officer Yves Giroux, current projections indicate that the Canadian economy will not return to pre-pandemic levels until 2023. The Canadian economy is projected to grow by 6.5% in 2021, followed by a growth rate of 3.2% in 2022, before slowing to just 1.9% growth in 2023. In other words, the Canadian economy will not return to normal levels of growth until 2023.
There are several factors at play that could contribute to a recession in 2023. One of the primary concerns is the impact of government debt. The Canadian government has already committed over $400 billion in response to the pandemic, which has caused the federal debt to skyrocket. While necessary to support Canadians during the crisis, this level of government debt is not sustainable in the long term, and may contribute to a recession in the future.
Another factor at play is the potential for inflation. As the economy rebounds and demand for goods and services increases, prices are likely to rise. This could lead to a rise in interest rates, which could put pressure on Canadian households that are already heavily indebted. A rise in interest rates could also lead to a drop in housing prices, which could have a ripple effect throughout the economy.
Finally, the COVID-19 pandemic is still ongoing, and there is the potential for additional waves of infection and related lockdowns. This could have a profound impact on businesses and the economy as a whole, potentially leading to a recession in 2023.
While there are many potential factors at play, it is important to remember that a recession is not inevitable. The government can take steps to support the economy, such as investing in infrastructure projects and providing targeted support to industries that have been hit hard by the pandemic. Canadian households can also take steps to reduce their debt levels and prepare for a potential recession.
Overall, the risk of a recession in 2023 is real and should be taken seriously. However, if the government and Canadians take steps to prepare and support the economy, it is possible to avoid a recession and create a more resilient and sustainable economic future.
Liberals are destroying our economy
Drifting into the trading world without the help of a professional trader and expecting profits is like turning water into wine, you would need a miracle, that's why i trade with Hilder Ferguson her skills set is exceptional.
Why would anyone believe this outlet of misinformation and Trudeau money?
There should definitely be a recession in Canada. What is the logic of paying more than $2000 a month to the citizens of Ukraine for no reason?
Canada will only fall into a recession if the USA, the UK, and the EU do also. And since the Liberals do not run any of those places it would be difficult to blame them.
Take away the credit card
2023 will be worse than 2022…
'Will we see a recession', O Canada denying the reality that we are in will not elevate the pain to come.
What a stupid question, we’re already in a recession and will be lucky to avoid a depression with increasing taxes. Do some actual journalism you shills.
Because wealth usually moves during recessions, the more stocks fall, the more I buy. In the meantime, I'm just focusing on increasing my investments and income while recession fears grow. I read about someone who made $550k in profit in just six months, so there are apparently ways to triple gains in the current market. Which stocks are the best to buy right now or add to a watchlist?
Bunch of parasites.
MONEY SLUT KNOWLEDGE
NEW PLAGUES.
AND UGLY DEATH IS REAL CHEAP.
So many pedophiles in our government
LOL, strong employment market =))) . Canada has the worse employment market I ever seen in my whole life, like 200-300 applications & not more than 10 interviews. Whereas in South East Asia, you apply 10 applications and the phone call is nearly non-stop
Don't you just love how they play the whole country for fools ….
In my opinion, and I hope I am wrong, the bank of Canda is attaking the demand, while supply is actually the major issue, on which the BoC has no control. The paradox is that the BoC is exacerbating the significant factor of inflation which is supply, by knoking down the purchsing power of Canadians. So, unless the supply from import,the sustainable labor market and productivity are on the Rendez-vous, the recession will finish off the economy.
It's high time now ….increase oil production and sell. We will be alright.
Covid was just a big coincidence too.Yeah right.
I believe that everything points to destroy the middle class…
2023 is the start of bad time's to come with a depression in wait.
Government must stop spending.
STEPHANIE LOOKS UNHAPPY. COULD BE JUST TOXIC
A crystal ball lol… A tennis ball could tell you we have been in a recession for years already. "if it happens" ,, what a stupid thing for them to be told to say.
No need to worry, taking away hunting rifles from law abiding citizens will solve everything.
With this federal failure of a government recession is guaranteed
Yup… thanks to JT and his trillion dollar deficit.
What the Foukh are these guys talking about???? YOU guys do realize we live in the culture of information… ediots
Not to worry. This recession will not affect the rich.
We’ve been in a recession for a year and a half already. Civil war is next.
The recession will balance itself…
Just cancel Disney+ and everything is gonna be alright…
GFY
We're already in recession. Even blind and ignorant can see it.
No recession. More inflation because china's and other countries are affected by covid and there will affect supply driving up inflation
With the fascists doing everything they can to destroy the country, I would say things can only get worse…. like every year since 2015.
Counting informal jobs doesn't count for employment IMO.