OTTAWA — Former Bank of Canada governor Mark Carney says a global recession is likely, making it challenging for Canada to avoid a similar economic downtu
While testifying before the Senate banking committee on Thursday, Carney said Canada may fare better than others because of mitigating factors such as the country’s ties to the U.S. as well as the strong labour market recovery after the pandemic.
Although inflation has been slowing in recent months, the pace of price growth is still exceptionally high and well above the Bank of Canada’s two per cent target.In an apparent shift in tone about the state of the economy, Deputy Prime Minister Chrystia Freeland warned Canadians this week that tough times are ahead as the economy reacts to higher interest rates.
The Bank of Canada has raised its key interest rate five times since March, bringing it to 3.25 per cent from 0.25 per cent. The rate hikes are feeding into higher borrowing costs for Canadians and businesses, which should slow spending in the economy. The former governor, who also served as the governor of the Bank of England, said rising commodity prices and supply chain issues fuelled inflation during the pandemic, but since then, inflation has broadened into more sectors of the economy.
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