Many economists predict Canada will enter a recession as early as the first half of 2023 as growth slows and rate hikes weigh on the economy From alicjawithaj
Finance Minister Chrystia Freeland is set to unveil a fall economic statement at 4 p.m. on Thursday.
Economists widely expect that the update will show finances have improved. Financial statements released last week showed that, thanks to Canada's strong economic recovery and the winding-down of pandemic support programs. Desjardins predicts that the federal deficit for the 2022-2023 fiscal year will be much smaller than what was initially forecast last year, shrinking from a previously anticipated deficit outlined in last year's budget of $52.8 billion to $20.8 billion. Scotiabank Economics economist Rebekah Young wrote in a research note that the deficit could land in at around $32 billion for the fiscal year ending in 2023, which would represent 2 per cent of Canada's GDP.
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