BNN BLOOMBERG POLL: Do you think Canada is heading for a recession?
Royal Bank of Canada is predicting this country will likely endure a"moderate and short-lived" recession next year as the economy succumbs to the pressure brought on by stubborn inflation, higher rates, and constraints in the labour market."This recession will be moderate and short-lived by historical standards—and can be reversed once inflation settles enough for central banks to lower rates," economists Nathan Janzen and Claire Fan wrote in their report Thursday.
That would be the fourth time the rate has gone up this year as the central bank attempts to wrestle down inflation that is sitting at close to a 40-year high of 7.7 per cent.While a recession appears to be in the offing, RBC's economists said they expect the unemployment rate will only rise modestly compared to past downturns as businesses are already struggling amid a"historic labour squeeze.
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