Debate intensifies over whether Canada is in a recession, with potential economic headwinds like US tariffs on Canadian imports fueling concerns. Economists warn of job losses and a potential technical recession. Immigration policies, a potential bird flu pandemic, and the impact of AI are also shaping economic predictions.
Debate around whether Canada is in a recession is likely to intensify in 2025 – unless data shows that economic slowdown to be undeniable.
Premier David Eby told media in December that if the tariffs materialize, “obviously, that would put our economy, as well as the Canadian economy, into recession.” He outlined his three-point plan for responding to tariffs in an op-ed in BIV. The country’s GDP growth per capita, however, has fallen in each of the past six quarters, according to Statistics Canada.Real GDP declines could come in 2025 as Ottawa cuts back on how many new immigrants it is willing to welcome.
Some esteemed economic watchers have said that the country is essentially already in a recession. Former Bank of Canada governor Stephen Poloz said that in a webinar in December. “There are a lot of temporary residents who are people who went to school here, who are working in high-tech companies and life-sciences companies.”As a result, he said he expects the government to create “carve-outs” in its policy to reduce the number of permanent residents and allow some of the high-productivity foreign workers to stay in the country.A Liberal leadership campaign is underway with the winner set to become prime minister for what could be a very short tenure.
ECONOMY RECESSION CANADA TARIFFS IMMIGRATION
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