Canada Economic Outlook: Economy stalls as hard landing inexorably grinds nearer

Date: Thursday 5 October 2023

Canada’s economy has now likely fallen into the recession that we have long been expecting. Growth stalled in two of the last three quarters and momentum entering Q3 was weak. Key imbalances – highly indebted households and overvalued house prices – can’t evade the coming full impact of the Bank of Canada’s aggressive hike in the policy rate. An imminent consumer pullback, combined with a deepening housing correction, will finally push the economy into recession.

Tony Stillo

Director of Canada Economics

+1 (437) 690 0267

Tony Stillo

Director of Canada Economics

Toronto, Canada

Tony Stillo is the Director of Canada Economics at Oxford Economics. He leads the team responsible for preparing the macroeconomic forecast for Canada using Oxford Economics’ Global Economic Model, reporting on key data releases, as well as producing and presenting research on key issues affecting the Canadian economy. Prior to joining Oxford Economics in 2018, Tony spent much of his career at the Ontario Ministry of Finance where he most recently led a team responsible for economic modelling, forecasting and impact analysis.

Cassidy Rheaume

Associate Economist, Canada

+1 (437) 690 0263

Cassidy Rheaume

Associate Economist, Canada

Toronto, Canada

Cassidy Rheaume is an Associate Economist at Oxford Economics Canada. She supports the Director of Canada Economics in producing macroeconomic research and forecasts, monitoring Canada and the provinces, and liaising with clients and the media. Prior to joining Oxford Economics Canada, Cassidy received her M.A in Economics from the University of British Columbia.

Callee Davis

Economist, Canada

Callee Davis

Economist, Canada

London, United Kingdom

Prior to joining Oxford Economics Africa in 2019, she garnered experience at Economic Research Southern Africa, the UNESCO Institute for Lifelong Learning and the International Tribunal for the Law of the Sea.

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