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Canada headed for 'severe' and 'inevitable' recession in 2023: economist

Canada is headed for a 'severe' and 'almost inevitable' recession in early 2023, according to the head of economics at Macquarie Group, which states Canada will face an approximately three per cent contraction in gross domestic product and a five per cent rise in its unemployment rate during the predicted recession.

The Bank of Canada is shown in Ottawa on Tuesday, July 12, 2022. (THE CANADIAN PRESS/Sean Kilpatrick)

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BREAKING

BREAKING | Hurricane Ian makes second U.S. landfall, this time in South Carolina

Hurricane Ian made another landfall Friday, this time in South Carolina, after carving a swath of destruction across Florida. Ian hit Florida's Gulf Coast earlier this week as a powerful Category 4 hurricane with 150 mph (240 km/h) winds Wednesday, flooding homes and leaving nearly 2.7 million people without power.

This GOES-16 satellite image taken at 1:01 p.m. EDT and provided by NOAA shows Hurricane Ian over the South Carolina coast, Friday, Sept. 30, 2022. (NOAA via AP)

WATCH LIVE

WATCH LIVE | Canadians reflect about residential schools on Truth and Reconciliation Day

Ceremonies, marches and other gatherings are taking place across the country Friday as communities mark the National Day of Truth and Reconciliation. The federal statutory holiday was established last year to remember children who died while being forced to attend residential schools, as well as those who survived, and the families and communities still affected by lasting trauma.

Canada headed for 'severe' and 'inevitable' recession in 2023: economist

Canada is headed for a 'severe' and 'almost inevitable' recession in early 2023, according to the head of economics at Macquarie Group, which states Canada will face an approximately three per cent contraction in gross domestic product and a five per cent rise in its unemployment rate during the predicted recession.

WHERE TO WATCH US

  • Bell Fibe: 1230
  • Bell Satellite:  588
  • Cogeco : 9
  • Eastlink (Sturgeon Falls):  5
  • Eastlink (South of North Bay to Novar):  6
  • Shaw Satellite: 643

 

  • Antenna: 2
  • Bell Fibe: 231
  • Bell ExpressVu: 590
  • Shaw Cable: 11
  • Shaw Satellite: 641
  • Antenna: 5
  • Bell Fibe:  402
  • Bell Satellite:  61, 221
  • Eastlink:  4
  • Shaw Direct:  356(classic), 050(advanced)
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  • Bell Fibe:  6
  • Bell Satellite:  589
  • Eastlink:  4
  • Shaw Direct: 642