The budget watchdog’s latest report on Canada’s economic and fiscal outlook was published Thursday.
“No, we’re not going that far,” said Giroux in an interview.
The Royal Bank is forecasting a recession in the first quarter of 2023, sooner than it initially predicted. Economists Claire Fan and Nathan Janzen originally predicted it in the second quarter, but said in a report that various factors, including interest rates, would speed it up.Article contentwithin the next year and possibly a “mild recession” if there are extra shocks to the economy.
Giroux agreed that his prediction that there will be no recession stands in the “absence of further shots on the broader economy” such as another geopolitical disturbance or a financial crisis on the world stage, but added “there’s no evidence of that yet.”Article content Assuming that the bank does not overshoot in its tightening, then we should return to a more sustainable growth or a healthier pace of economic growth in 2024“Assuming that the bank does not overshoot in its tightening, then we should return to a more sustainable growth or a healthier pace of economic growth in 2024,” said Giroux.
Minister of Finance Chrystia Freeland’s office couldn’t give a date Thursday for the government’s fall economic update, but her office assured that Canada is still in an enviable economic position compared to other countries across the world.
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