TEC Canada is pleased to provide the monthly Andersen Economic Report exclusively to our members to offer professional updates on the current economic environment in Canada, the USA, and globally. As the former assistant chief of the Bank of Canada’s research department, Dr. Peter Andersen provides valuable economic insight to help you make better business decisions.
2023 inflation rates continue to be high, with gas prices on the rise. Unemployment rates are almost at a historical low, which is fueling wage inflation pressure. Exits from the workforce have accelerated since the pandemic, with more retirement plans in place for the aging population.
Leading indicators are signalling a recession risk. Interest rates have not yet had the desired impact, as unemployment rates continue to decline and GDP grows. However, household and business finances appear resilient.
Presently, the global economy is stronger than expected. Due to lower oil prices and a slight improvement in supply chains, inflation has peaked, particularly in Europe. China is expected to make a comeback in 2023 due to the changes in its “zero-COVID” policy, fostering a longer-term economic boost. World oil prices are still set to increase; however, the chance of a global recession is still looming.
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