'Worst is yet to come': IMF slashes growth outlook as recession risks grow

📆 2022-10-12 2:53 AM

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📆 2022-10-12 2:53 AM
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'Worst is yet to come:' IMF slashes growth outlook as recession risks grow StephHughes95

“In short, the worst is yet to come, and for many people 2023 will feel like a recession.”BMO senior economist Sal Guatieri

In an Oct. 5 note to clients, BMO senior economist Sal Guatieri said that an unprecedented wave of financial support in response to COVID and festering supply chain issues had sparked a new “pandemic”: high inflation. Guatieri also pointed to falling home prices as another factor weighing on the economy, which he noted have already slumped seven per cent. BMO expects total declines of about 20 per cent in Canada as rising borrowing costs continue to weigh on demand.

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