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.
MAY 2023 PREVIEW:
Canada | Strong Growth Outpaces the US, but Headwinds Loom Ahead
Canada’s economy is tracking at a stronger growth rate compared to the United States, with a forecasted slowing in the 2nd Quarter. Government budgets have been expansionary, which is offsetting recession risk but running counter to the Bank of Canada’s efforts to slow the economy and reach 2% inflation.
United States | Exploring the Slowing Economy and Signs of an Impending Recession
The US economy is slowing down, with declining demand and output, worsening perceptions of business conditions, diminishing credit availability and more restrictive lending standards as the Fed projects an upcoming mild recession. While jobless claims have risen since February 2023, they are not yet at levels indicating a serious rise in unemployment.
Global Economic Outlook | Unveiling the Challenges and Risks Ahead for the Global Economy
Despite OPEC+ announcing substantial oil production cuts, the world oil price has slipped along with the price of copper, responding to heightened concerns about the world economy. The IMF forecasts an especially pronounced growth slowdown in advanced economies in 2023, with a risk of a hard landing for the global economy increasing.
Excited to delve into the full May 2023 Andersen Economic Report? As a valued member of TEC Canada, you can access the complete report under the ‘Resources’ section of the TEC Canada App!
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