The long-anticipated, but delayed, recession on the Canadian economy has finally arrived, according to a new report by Oxford Economics. Highly ind...
The long-anticipated, but delayed, recession on the Canadian economy has finally arrived, according to a new report by Oxford Economics.
"We doubted the economic strength at the start of this year would last, and the latest data indicates that a hard landing is indeed coming," reads the report. Household consumption accounts for 60 per cent of Canada’s GDP, and it will be the primary drag on the economy, but analysts forecast a 1.3 per cent decline in consumer spending during the recession, which is smaller than the decreases in previous recessions due to immigration, post-pandemic pent-up demand, and excess pandemic savings.The recession started with the GDP drop in the second quarter of 2023, and it is expected to end in the first quarter of 2024, with a 1.
Major new fiscal stimulus programs are not expected to be introduced by the federal government, as it would inflationary pressures and undermine the Bank of Canada's monetary policy to date of sending the policy interest rate to 5 per cent. There was an upswing in resale home prices starting in February 2023, but the correction resumed"in full force" over the summer, which is expected to continue into 2024 as the recession unfolds.
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