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.

APRIL 2023 PREVIEW: 

Canada | Challenges on the Horizon: Navigating High Inflation and Tightening Credit

Inflation is well above target and may get stuck around 4%, with sticky services inflation and wage gains not consistent with the inflation target. Canadian banks will tighten credit as household debt is elevated, posing potential challenges for the economy in the coming months.

United States | Understanding the High-Impact Risks of the Debt Ceiling

Credit conditions will tighten due to asset/liability mismatches in the banking system, but the job market remains hot with historic low jobless claims and above-trend GDP growth. Inflation remains elevated, uninsured banking deposits are widespread, and the debt ceiling is a low-probability but high-impact risk factor.

Global Economic Outlook | Navigating High Risks and Low Growth Prospects

The global economy is expected to perform poorly in 2023, with a projected growth of only 1.7%. Recessions in major countries, stubborn inflation, central bank interest-rate overkill, and banking system stress create a high-risk scenario. Potential growth through the rest of the decade may be much lower due to pandemic after-effects, geopolitical strain, demographics, and globalization barriers.

TEC MEMBERS CAN ACCESS THE FULL REPORT UNDER ‘RESOURCES’ ON THE TEC CANADA APP