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Economists bracing for recession and four more interest rate hikes

TNC: 'A new survey by Finder which polled the country’s leading economists found that most agree that the Canadian economy is heading for a recession and that people should brace themselves for its impact.

'Of those surveyed, a majority said that it would likely arrive within the first six months of 2023, while a quarter said it could take a year before it begins – coming in early 2024.

New COVID-19 variants, interest rate hikes and inflation were some of the primary reasons behind their concerns.

'“Once everyone gets their fun out of their system (this summer), the crash will not be far behind, especially in the face of a subvariant that will place pressures on businesses and the health-care system again,” said senior lecturer of economics at Concordia university Moshe Lander. '

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