GDP numbers show economic growth slowing

Canada’s economy continued to grow in November, although at an almost negligible rate of 0.1%, according to the latest report from Statistics Canada.
 
Many economists are calling for a brief recession this year as higher borrowing costs are starting to impact consumer spending and business investment. The Bank of Canada said that it expects inflation, currently about 6.3%, to return to its target rate of 2% later in 2023. That will enable the bank to lower interest rates and stimulate the economy with less risk of overheating.
 
“Greater Victoria has traditionally fared better than many regions during recessions due to our large public sector.” said Chamber CEO Bruce Williams, who also spoke to CHEK News about the need to consider broad implications before making quick decisions on future of public sector work. “Those workers are very important customers to many local businesses. They’ve created a synergy over many decades that can’t take be taken granted. We need decision makers in government to understand how important it is to keep workers in Greater Victoria for the stability of BC’s capital city.”