Economists warn Trudeau and his cabinet that the economy is set to ‘slow significantly’ – By John Paul Tasker (CBC News) / Jan 24, 2023
Canada’s associate finance minister concedes it’s going to be a ‘turbulent’ year for the economy
On the second day of the federal cabinet retreat, Prime Minister Justin Trudeau and his ministers heard from a trio of economists who came bearing grim news about Canada’s economic outlook.
The economy is expected to weaken considerably, unemployment will tick up and inflationary pressures may not ease as quickly as hoped, the economists — Kevin Milligan of the University of British Columbia, Carolyn Wilkins of Princeton University and Anil Arora of Statistics Canada — told a morning session of cabinet.
“There are some serious risks for the next year,” Milligan told reporters after meeting with Trudeau and other ministers in Hamilton.
“The most likely scenario is that we hit a soft spot. We ought to be aware of those short-run challenges.”