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.
Interest rate increases will stretch farther into 2023 and the hot Canadian economy is still in excess demand – 3rd quarter growth performance doubled what the Bank of Canada expected. While household spending, residential renovation, and residential construction has declined, there is a pent-up demand for motor vehicles.
The housing sector is preparing for a decline, vehicle sales are on the rise, and household budgets are surprisingly resilient. With a higher-than-expected rebound in demand for in-person consumer services, we expect spending to stall out in the summer of 2023.
Global economic growth is expected to be weaker than anything seen since 1982. COVID surges in China are causing supply chain uncertainties and could make North America’s inflation targets hard to achieve and increase the chances of a recession.
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