Unemployment rates will rise significantly in the case of an economic slowdown in Canada this year, say economists advising the Liberal cabinet this week, who also say the likelihood of such a slowdown in 2023 is high. “We can expect the economy to slow significantly. We can expect that the unemployment rate will rise both…
Unemployment Will Rise as Economy Slows ‘Significantly’ This Year, Economists Warn Liberal Cabinet
Canada Economic Outlook for 2023: How Bad Could a Likely Recession Be?
News Analysis A trio of economy-related questions being asked as the calendar turns to 2023 are, how bad will the potential recession be, by how much will inflation come down, and will the Bank of Canada have to start cutting interest rates? A recession for an open, medium-sized economy like Canada’s seems unavoidable given that…
Canadian Economy Adds 108,000 Jobs in October, Unemployment Holds Steady
The Canadian economy added 108,000 jobs in October, reversing much of the losses observed in recent months. In its latest labour force survey, Statistics Canada said Friday that the unemployment rate for last month held steady at 5.2 percent as more Canadians looked for work. The jobs gain comes after four months of job losses…
‘Severe Recession’ Unlikely, Says Bank of Canada Governor
While economic slowdowns are likely, Canada will not experience a “severe recession” in upcoming months, says Bank of Canada (BoC) Governor Tiff Macklem. “Growth for the next three quarters is roughly zero, which means we’re just about as likely to have a couple of quarters of negative growth as we are to have a couple…
Poilievre Calls on Freeland to Stop Tax Increases, Government Spending in Fall Economic Statement
Conservative leader Pierre Poilievre is calling on Deputy Prime Minister and Finance Minister Chrystia Freeland to include in her upcoming fall economic statement a plan to stop the federal government’s upcoming tax increases and to offset any new spending with “equivalent saving.” “The bubble is finally bursting and the bill is finally coming due,” Poilievre wrote…
Canadian Economy Grew 0.1% in August, Continuing on Path of Modest Growth
The Canadian economy edged slightly higher in August and initial estimates pointed to growth continued in September as worries of an impending recession grow. Statistics Canada said Friday real growth domestic product gained 0.1 percent in August, topping its initial estimate that suggested no growth for the month. In its initial estimate for September, the…
Supporting Ukraine Part of Canada’s Inflation Fighting Strategy, Says Finance Minister Freeland
Ensuring Russia loses its war against Ukraine is part of Canada’s plan to address high levels of inflation, Finance Minister Chrystia Freeland said Monday. “I absolutely do believe that an important part of Canada’s inflation fighting strategy has to be to support Ukraine, and to ensure that Ukraine does win in the war against Vladimir…
Statistics Canada Says Economy Added 55,000 Jobs in December, Unemployment Rate 5.9%
OTTAWA—The Canadian economy added 55,000 jobs in December before COVID-19 cases began spiking at the end of the month, Statistics Canada said Friday. The agency said in its labour force survey that the increase in the number of people working came as the unemployment rate edged down to 5.9 percent compared with 6.0 percent in…
Dire State of Canada’s Economy Should be Top Issue in Next Election
There’s a strong possibility that a federal election will be held this fall, and if so you can bet on it that candidates will try their very hardest to avoid the elephant in the room: the state of Canada’s economy. During the 1993 federal election campaign, Progressive Conservative leader Kim Campbell infamously told a reporter…
Canadian Economy Contracted 5.4 Percent in 2020, Worst Year on Record
OTTAWA—The Canadian economy posted its worst showing on record in 2020 as the COVID-19 pandemic swept across the country, shutting down businesses and putting millions out of work. Statistics Canada says real gross domestic product shrank 5.4 percent in 2020, the steepest annual decline since comparable data was first recorded in 1961. The drop for…
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