While the 3 most populous provinces face real GDP contractions, the others are expected to see more moderate slowdowns in economic growth From alicjawithaj
Several provinces are facing the risk of a recession next year, according to a BMO Capital Markets economist.
Economic growth in Canada is expected to slow to zero in 2023 following 3.2 per cent growth this year, BMO Capital Markets senior economist Robert Kavcic wrote in a research note this week, “with the risk of a downturn most acute around the turn of the year.” Canada's three most populous provinces are expected to see real GDP contract this year, as a slowdown in the housing market weighs on growth.
Kavcic said Ontario's economic growth, which is expected to slow to 2.9 per cent this year, will contract 0.4 per cent in 2023. While the job market in Ontario has been strong, Kavcic said "momentum looks to be fading." Quebec is also expected to see real GDP contract by 0.1 per cent in 2023, down from growth of 3.4 per cent in 2022, which Kavcic said is "consistent with a broad weakening across the country."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man arrested in Quebec romance scam also had victims across the country, say York policeYork Regional Police said the suspect had active warrants for their arrest in Ontario and Quebec.
Read more »
Housing Supply Targets Unlikely to be Met Due to 'Significant' Labour Shortages: CMHCProvinces across Canada are struggling to meet affordablehousing supply targets, but it's not down to governmental red tape or slow processes - it's a shortage of labour. CMHC_ca | realestate realestatenews cdnpoli housing
Read more »
Housing starts will fall below 2030 supply targets in Ont., Que. and B.C.: CMHC - BNN BloombergCanada Mortgage and Housing says even under best-case scenarios, housing starts will fall well below the affordable housing supply targets it has set for Ontario, B.C. and Quebec to reach by 2030.
Read more »
New home listings at historic lows in TorontoThe GTA saw the lowest number of new home listings since Sept. 2002 amid high interest rates and falling home prices.
Read more »
COVID-19: New bivalent jab OK'd, but experts advise taking first available booster when your turn comesB.C. public health officials are encouraging everyone to take either of the two bivalent vaccines to prevent hospitals from being overwhelmed this fall and winter
Read more »