'Canada's economy, like so many others, seems to be entering a slight downturn that should reach its nadir in early 2023,' they wrote From alicjawithaj
"We now expect the Canadian economy to tip into a mild recession in the first half of 2023," the Desjardins economists wrote.
In a report released Thursday, Desjardins economists said bringing soaring inflation back to a 2 per cent range"won't be easy" and a soft landing – where inflation is tamed without leading to a recession – has become"increasingly unlikely." The benchmark interest rate is expected to reach at least 3.25 per cent this fall, which the Desjardins economists noted will put further pressure on the Canadian real estate market and weigh on household spending and business investment, leading to a slight contraction in real GDP in early 2023.
Still, the economists noted that the soft-landing scenario is less realistic than a"short and shallow" recession, but that"failure to respond to high inflation would be even more detrimental for economic growth in the long term."
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