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What to know about a recession

A recession could be on the horizon in 2023. For now, most Canadians are currently feeling the pinch of inflation, with food prices in particular (Getty Images/Kentaroo Tryman)

A recession is often talked about, but not always understood. “You can have a technical recession and barely feel anything,” says David-Alexandre Brassard, chief economist, CPA Canada. “You feel a lot more with high inflation.”


A recession is defined as two financial quarters of decline in economic activity.

However, while many are worried about a possible recession, unemployment is not rising, explains Brassard. “Growth is slowing down and could go into recession territory in 2023, but we are also experiencing a record low unemployment rate, which is around 4.9 per cent.”

He notes that the current tight labour market—when job openings are growing faster than the pool of…

Read more at www.cpacanada.ca

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