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Canada’s economy faced a lot of headwinds in 2022, from nearly double-digit inflation that pushed up the prices of gas and food to aggressive interest rate hikes from the Bank of Canada.
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Somehow, so far there has been no recession, and the economy has chugged through, even adding 150,000 jobs in January, about 10 times as many as expected.
The question now is whether those headwinds blow the economy off course in 2023, or if the storm passes?
James Orlando, a director and senior economist at TD Economics, earlier this month co-authored a report suggesting that there are already signs that inflation will cool down to a comfortable two to three per cent range by the end of the year.
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This week, on Down to Business, he said that many of the early causes of inflation such as supply chain snarls and uncertainty in consumer demand have started to resolve. Consumer spending on services, such as dining out or a haircut, has resumed, he said.
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February 15, 2023 at 06:03PM
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Maybe Canada's economy can pull off that soft landing after all - Financial Post
"soft" - Google News
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