Parliamentary budget officer Yves Giroux, The Globe and Mail’s Robert Fife and The Star’s Stephanie Levitz discuss the economy. Subscribe to CTV News to watch more videos: Connect with CTV News: For the latest news visit: For a full video offering visit the CTV News Network: CTV News on Facebook: CTV News on TikTok: CTV News on Twitter: CTV News on Instagram: CTV News on Reddit: --- CTV News is Canada's most-watched news organization both locally and nationally, and has a network of national, international, and local news operations....(read more)
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The COVID-19 pandemic has had a profound impact on economies worldwide, and Canada is no exception. While the country seemed initially to weather the storm with limited impact, concerns are mounting as to whether Canada will see a recession in 2023. According to Parliamentary Budget Officer Yves Giroux, current projections indicate that the Canadian economy will not return to pre-pandemic levels until 2023. The Canadian economy is projected to grow by 6.5% in 2021, followed by a growth rate of 3.2% in 2022, before slowing to just 1.9% growth in 2023. In other words, the Canadian economy will not return to normal levels of growth until 2023. There are several factors at play that could contribute to a recession in 2023. One of the primary concerns is the impact of government debt. The Canadian government has already committed over $400 billion in response to the pandemic, which has caused the federal debt to skyrocket. While necessary to support Canadians during the crisis, this level of government debt is not sustainable in the long term, and may contribute to a recession in the future. Another factor at play is the potential for inflation. As the economy rebounds and demand for goods and services increases, prices are likely to rise. This could lead to a rise in interest rates, which could put pressure on Canadian households that are already heavily indebted. A rise in interest rates could also lead to a drop in housing prices, which could have a ripple effect throughout the economy. Finally, the COVID-19 pandemic is still ongoing, and there is the potential for additional waves of infection and related lockdowns. This could have a profound impact on businesses and the economy as a whole, potentially leading to a recession in 2023. While there are many potential factors at play, it is important to remember that a recession is not inevitable. The government can take steps to support the economy, such as investing in infrastructure projects and providing targeted support to industries that have been hit hard by the pandemic. Canadian households can also take steps to reduce their debt levels and prepare for a potential recession. Overall, the risk of a recession in 2023 is real and should be taken seriously. However, if the government and Canadians take steps to prepare and support the economy, it is possible to avoid a recession and create a more resilient and sustainable economic future. https://inflationprotection.org/yves-giroux-parliamentary-budget-officer-asks-if-canada-will-face-a-recession-in-2023/?feed_id=96034&_unique_id=645af5d876493 #Inflation #Retirement #GoldIRA #Wealth #Investing #CDNpoli #bankofCanada #canadaaffordability #canadaeconomy #canadahousing #canadainflation #canadainterestrates #canadajobmarket #canadarealestate #costoflivingcrisis #CTV #CTVNews #CTVsQuestionPeriod #foreignhomebuyersban #GlenMcGregor #news #ottawa #ParliamentarybudgetofficerYvesGiroux #primeministerjustintrudeau #recession #RobertFife #StephanieLevitz #RecessionNews #CDNpoli #bankofCanada #canadaaffordability #canadaeconomy #canadahousing #canadainflation #canadainterestrates #canadajobmarket #canadarealestate #costoflivingcrisis #CTV #CTVNews #CTVsQuestionPeriod #foreignhomebuyersban #GlenMcGregor #news #ottawa #ParliamentarybudgetofficerYvesGiroux #primeministerjustintrudeau #recession #RobertFife #StephanieLevitz
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