ICYMI: Canada is headed for a recession, economists say — via financialpost Canada pandemic inflation recession
Brace yourself, Canadians. As if soaring inflation, rising interest rates, a pandemic and a war in Ukraine weren’t enough, pretty soon we could be adding a recession to our list of troubles.say Canada is headed for a recession, and we can expect it to hit anywhere between 2023 and the first part of 2024. Most believe it will happen during the first six months of 2023, and another quarter think it will take a year to manifest.
Finder explained how economists are attempting to time the downturn. According to one expert, Canada is due for a normal summer as pandemic restrictions lift, but a new COVID-19 variant is likely in the cards for the fall, setting us on the path to a recession by this time next year.Article content Indeed, many economists told Finder they expect “aggressive” rate hikes in the year ahead. Of those surveyed, a majority believe we will see at least four more interest rate increases this year.
But timing the recession isn’t easy, and a lot rests on what happens with Russia’s ongoing invasion of Ukraine, said another economist. Murshed Chowdhury, an associate professor at the University of New Brunswick, expects the downturn will hold off until the first part of 2024.
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