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Canada’s economy is poised to enter a recession as soon as the third quarter, and it will be a painful one for many people, according to Manulife Investment Management’s global chief economist.
The Bank of Canada’s surprise move to raise the overnight lending rate to 4.75% on Wednesday should erase any doubt that policymakers led by Governor Tiff Macklem are committed to lowering inflation, Frances Donald said. “But whether their aggressive rate-hiking cycle has been a mistake or not is not about the evolution of inflation,” he said. “It’s about how much it costs the Canadian public to get there, and whether Canadian households and businesses should pay the price for the inflationary hangover of Covid.”
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