The Canadian economy is headed for a rough patch. Growth has already slowed considerably. Job growth has moderated. Inflation remains stubbornly high. But the pain households are feeling today is only going to get worse.
“The path forward looks bleak,” Tiago Figueiredo, a macro strategy associate with Desjardins, said in a note.
For a while there, the economy proved more resilient than expected. The Bank of Canada’s interest rate hikes piled up one after another. Even so, the jobs market boomed, GDP continued to expand.
Rough times? Not for our ruling class.
