Canada's economy showed a slight improvement in July, but it wasn't enough for a prominent Bay Street economist to hold back on his expectation of a recession.
"Our baseline is that Canada will enter a recession in the first quarter of 2023," David Doyle, the head of economics at Macquarie Group, said in a TVCanadian gross domestic product rose 0.1 per cent in July, the latest data from Statistics Canada showed on Thursday. The bureau also released its August flash estimate, which pointed to an economic stall. Doyle foresees a three per cent contraction in Canada's GDP, coupled with a five per cent drop in the unemployment rate.
He cautioned that the economy remains vulnerable to the ebbs and flows of the commodity market and expects much of the futureThursday's economic data showed output from real estate agents and brokers sank 3.4 per cent.Despite the expected economic contraction, Doyle does not believe the Bank of Canada will deter from rising interest rates. He explained that the bank is committed to taming inflation, and backing down now might result in a more significant problem later.
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