Canada’s credit-to-GDP is over 11, which is usually a critical sign of oncoming recessions.
Canada is third on the list indicating warnings of stress in domestic banking systems, Interests rates are rising in Canada, and so is the average household debt causing red flags.
The cause of the red flags is said to be from the housing market and is a contributing factor causing risk to the financial market.
With thousands of jobs lost from higher taxes and a slow moving infrastructure plan the the Liberal government, it will be hard to recover from a recession that could last for months, or even years.
There’s no real plan from Justin Trudeau to create more full-time jobs, without jobs a recession is going to be hard to recover from.
They imposed Carbon Tax in Alberta caused big oil investors to pull out of the province, and in some cases out of the country.
Canada’s last recession, which rated a category 4 slump on a five-point severity scale, began in November, 2008, and ended seven months later in May, 2009, oil prices crashed causing thousands of jobs, but as interest rates rise, things could get worse for Canada this time around.
Meagan Kozlovs is a reporter for Debate Report. She’s worked and interned at Global News Toronto and CHECX. Megan is based in Toronto and covers issues affecting her city. In addition to her severe milk shake addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.