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What a 2023 recession in Canada could look like

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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.

For more info, please go to https://globalnews.ca/news/9419356/recession-explainer-canada-economy-layoffs/

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Category
U.S. & Canada
Tags
global news, recession, economy
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