Canada will enter a deeper recession than previously expected this year as the Bank of Canada’s rapid interest rate hikes take hold and the U.S. economy enters a slowdown, according to a new report from Deloitte Canada.
Deloitte Canada’s latest Economic Outlook, released on Tuesday, says that the impact of rising interest rates and a slowing U.S. economy will drag down economic growth in Canada for three consecutive quarters, resulting in a 0.9 per cent contraction in GDP growth in 2023.
