recession is on the cards as they look ahead to 2023.Though plenty of Canadians remember living through a recession or two, for millions of others it will be the first major downturn in their adult lives.
Some are in their late 20s, perhaps thinking of buying a house or already homeowners. Others are new graduates, entering emerging into competitive job markets.
RBC now sees recession in early 2023, more job losses amid ‘cracks’ in economy The word “recession” likely brings to mind the upheaval of 2008-09, when the global financial crisis triggered a seven-month recession in Canada and a lengthy recovery, rather than the short-lived downturn from the early days of the pandemic.A recession is usually defined by two successive quarters of negative GDP growth.
Experts are saying a mild recession is the most likely scenario for 2023, though a more typical recession is not out of the question.No two economic downturns are alike.