Recession coming in for Canada and the world, more economists warn — via financialpost Canada recession economy
The drumbeats warning of a coming recession are getting louder and more persistent.
Weeks ago the IIF predicted that Russia’s invasion of Ukraine and China’s COVID lockdowns would cause global growth in 2022 to flatline. Consumer confidence has tumbled as the U.S. housing market enters “deep recession” driven by the steepest rise in real mortgage rates since at least 2010, said IIF. “Whatever happens, China is unlikely to be a source of stimulus as global recession builds,” said the IIF.
There were signs last week that Canada’s economy was losing momentum when Statistics Canada released ain May. This weakness was partly from the temporary effects of oil and gas output that month, but the slowdown also reflects the impact of the decline in Canada’s housing market, said Capital Economics’ Stephen Brown.
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