Commentary
Canada’s economic growth has been sluggish for some years now. It hasn’t been above 1 percent growth in a quarter since the beginning of 2023 and has reached negative numbers occasionally. While the economy has been flirting with being in recession, it hasn’t quite reached that point. At least, it hadn’t until now. Canada’s economy on an annualized basis shrank for the last two quarters in a row, which puts the country into a technical recession.
It’s not an economic catastrophe by any means, and the country could pop back out of this rut with a little growth in the next quarter, but Canadians should be concerned. Economic growth could continue its decline, and the country could face a full-blown recession if some things don’t change. Things have been tough for many Canadians since the days of the COVID pandemic, and the last thing people want to think about is more hard times….