Majority of Canadians believe the country is either already in a recession, or imminently heading into a recession.
According to a new survey, Canadians are bracing for an economic downturn in 2023, and many plan to reduce their spending or have already done so.
Many believe Canada is already in a recession, and many more believe a recession is imminent:
“A survey released Tuesday from Canadian legal and administrative software company Dye & Durham Ltd. found that 30 per cent of respondents believe Canada is already in a recession. It also revealed that 53 per cent of people surveyed believe Canada is imminently entering a recession. Just under half of the respondents, 48 per cent, said they do not believe the Bank of Canada’s interest rate hikes are having a cooling effect on inflation.”
The survey further indicated that 30% of Canadians are relying more on savings than they had expected, while 17% have taken on more debt.
57% of Canadians expect to reduce spending on during the Christmas season as well.
Additionally, Canadians expect higher inflation and higher interest rates:
“Canadians also seem to believe an upcoming downturn could be long-lasting. Around 53 per cent believe inflation will increase over the next six months, while 32 per cent of those surveyed said they anticipate the Canadian central bank will increase interest rates by another 100 basis points before the end of the year. Bank of Canada officials have frequently expressed concern over the past year on how high inflation levels could be entrenched among Canadian consumers, which could keep prices stubbornly high for longer.”
Government leaves Canadians with little hope
A key economic problem in this country stems from the approach of the federal government.
Imagine if the government had – in response to world events – undertaken an expansion of support for the energy sector and the rearmament of our military, along with rescinding the carbon tax.
Imagine further that they had packaged this as an effort at national renewal and rebuilding the nation to withstanding the challenges of a dangerous world.
This would have given Canadians a sense of unity, while generating jobs in important industries. And rescinding the carbon tax would make a real, tangible, and immediate difference in bringing down the cost-of-living.
Instead, the carbon tax keeps going up, opportunities for expanding the energy sector were downplayed by Trudeau, and our military is collapsing.
As a result, Canadians have little hope to hold onto as economic conditions worsen.
Spencer Fernando
Photo – YouTube
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