The U.S. announced a second quarter of economic decline, the definition of a recession. Canada is showing slowing signs as well.
Supporters of the Joe Biden administration are trying to downplay that the U.S. has now had two successive quarters of economic decline, but they can’t escape the fact that this is the dictionary definition of a recession. After having shrunk by 1.6% in the first quarter, the latest figures show the American economy shrank by 0.9% in the second quarter.In the first quarter of 2022, Canada’s economy.
“We think some of Canada’s key trading partners, including the U.S., will be in recession next year. In this environment we think it will be difficult for Canada to avoid a downturn of its own,”Add to this the Bank of Canada hiking interest rates to cool the economy and deal with inflation and you have a recipe for the Canadian economy to head into recession as well. As RBC said, there is a “shrinking runway for a soft landing.
The main thing we have to worry about if Canada hits recession is that the Trudeau government will go to their default position and call for more government spending. The increase in government spending is part of why we have the inflation we are dealing with now, we don’t need interest rates rising to cool inflation and government stimulus which will only increase it.
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