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Economists Warn a Recession May Be Needed

Source: Julie Gordon and Fergal Smith Reuters, Global News, Sept 20, 2022

The Bank of Canada says it can slow growth without tanking the economy.

The underlying pressures driving inflation in Canada are likely to peak in the fourth quarter of this year, economists told Reuters, though most see signs fast rising prices are becoming entrenched and warn a recession may be needed to avoid a spiral.

Canada’s inflation data for August will be released on Tuesday, with analysts forecasting the headline rate will edge down to 7.3 per cent, from 7.6 per cent in July and a four-decade high of 8.1 per cent in June.

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