A new economic outlook by the Conference Board of Canada says a recession is possible, but the underlying conditions are working in the economy’s favour.
The think tank says it expects there will be essentially zero economic growth from the second half of this year through to the first quarter of 2023.
It says whether that meets a technical definition of a recession will depend on some ultra-fine-tuned estimates that will not be wholly visible in the annual numbers.
OBJ360 (Sponsored)
Ottawa Salus’ pioneering role in bringing supportive housing to Ontario
From the inception of supportive housing in Ontario to the first supportive housing building in Canada for older adults, Ottawa Salus leads the way in transformative care.
Be a Part of OBJ’s City Building 2024
Let there be no doubt that Ottawa is undergoing a building boom that is shaping the future of the city as we speak. The cranes dotting Ottawa’s skyline are saluting
Overall, the board expects growth for 2022 to come in at 3.0 per cent based on the strength of the first half of the year.
The pace of growth is then expected to slow to 1.2 per cent in 2023 before rising to 2.7 per cent in 2024 and coming back down to 1.8 per cent in 2025.
Increases to the consumer price index are expected to be 3.8 per cent in 2023 and 2.2 per cent in 2024, the board says.