Recession in Canada will be worse than in U.S., economists say
“The IMF estimates that global growth in 2023 will be similar to 2019 – soft, but not a disaster – and that a global recession will likely be avoided. By contrast, our forecasts are much weaker and we think the global economy is on the cusp of recession,” wrote Oxford Economics director of global macro research Ben May in a note Thursday.Oxford singles out Canada, the United States and most of Europe as most at risk of recession and “our relative pessimism is particularly pronounced for the U.S.
“In Canada’s case, the biggest risk is still the one hiding in plain sight – the massive decade-long boom in house prices and the accompanying surge in household debt.”Article content Economists at Macquarie Capital Markets say headwinds for housing will gain strength in 2023 as the impact of higher variable-rate and fixed-rate mortgages reaches a peak.
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