With a recession seeming imminent, many Canadians are rightfully concerned about the state of their finances. Here are some ways you can be prepared for one.
Although it certainly feels like it, and many people believe it, we are not in a recession yet. While a recession is defined as two successive quarters of negative GDP growth, it is essentially a period where economic growth falls significantly and unemployment rates rise.
Runaway inflation The general consensus among economists is that a recession is likely to occur sometime in 2023. This expectation is largely because of the aggressive interest rates that central banks around the world have increased to combat inflation. When existing debts have variable interest rates, the cost to carry these debts also increases. As a result of these increases, demand for many goods and services lessen, and so does inflation.
A loss in income means people have to draw on their savings — assuming they have any — to pay for essential items such as food, shelter and transportation. The potential of job losses or reduced hours of work is, therefore, the greatest impact of a recession and the consequence most people should prepare for.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WENDY ELLIOTT: Unity (1918) at Two Planks and a Passion Theatre is touching and relevant | SaltWireICYMI This year’s mainstage play, Unity (1918), and its execution by the company at Two Planks and a Passion Theatre near Canning, is well worth attending. In fact, the production is entirely rewarding. Unity (1918) is both touching and super relevant i...
Read more »
CRIME HUNTER: Larry Eyler trolled Midwest for murder victimsTo the janitor of the Chicago building, the trash cans felt heavy.
Read more »
CRIME HUNTER: Larry Eyler trolled Midwest for murder victimsTo the janitor of the Chicago building, the trash cans felt heavy.
Read more »
Canadian jury convicts Dutch man of sexually extorting Canadian teenA Canadian jury on Saturday found Dutch national Aydin Coban guilty on all charges of sexually extorting a teenager from British Columbia whose video of her…
Read more »
Russia sanctions LGBTQ activist, Freeland and Joly's staff, singer Chantal KreviazukRussia sanctioned a raft of Canadian public figures Friday including Maj.\u002DGen. Michael Wright, head of Canadian Forces Intelligence Command.
Read more »
Producer Fires Back After John Leguizamo Calls Out Casting Of James Franco As Fidel Castro: ‘I Don’t Got A Prob With Franco But He Ain’t Latino!’John Leguizamo is taking Hollywood to task for its latest casting choice. The actor was disappointed by the team behind the upcoming Alina Fernández biopic who cast James Franco in the role of her father, Fidel Castro. [tp_video id='2a3cff36-efb9-11ea-b1ba-0242ac110005'] He took to Instagram to explain his disagreement with the casting. 'How is this still going…
Read more »