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.
With no meaningful decline in GDP growth, Canada’s economy still has not responded enough to inflation. The unemployment rate has remained low, food prices continue to rise, and the Bank of Canada will likely continue increasing interest rates into 2023.
While the unemployment rate is low, pressure on worker compensation will not ease until people start worrying about job security. Rising interest rates have not yet slowed GDP growth and they continue to run rampant. There is still a considerable amount of economic momentum in the consumer sector with business investment spending.
If the 2022 geopolitical developments in Ukraine and China could be countered (and it seems positive surprise could be coming in 2023), it would be the most significant way to deal with the global inflation and supply chain problem. Forecasts of a global recession in 2023 may prove to be too pessimistic.
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