A new survey has found that a whopping 83% of Canadians believe that the country is currently experiencing a recession.
According to pollsters Pollara, the economic sentiments are among the worst since the 2008 financial crash.
Economic Outlook 2023 reveals most people have bleak expectations when it comes to the economy. When asked to identify an emotion used to describe their feelings about the economy, two thirds chose “worried.”
Additionally, 56% of Canadians expect the economy to worsen over the next year with only 14% expecting it to get better.
When it comes to personal finances, 38% of Canadians feel like they’re losing ground – 13% more than those surveyed last year.
Food prices are the top stressor for 46%, while 34% say housing expenses are the most stressful with 30% blaming the cost of gas.
“The public’s one ray of hope for 2023 is Canada’s job market, which ended the year with low unemployment levels. Only two-in-ten (20%) Canadians feel it is likely they or a family member will lose their job this year, the lowest level recorded since 2008,” wrote analysts in a press release.
Although job numbers have rebounded according to Statistics Canada’s latest update, Canada was faced with a surprise $41 million trade deficit in November.
Although it’s too soon in the year for economists to confidently declare a recession, most agree that Canada will experience one in early 2023.
Bank of Canada Governor Tiff Macklem recently said that he hopes that employment will temper some of the damage a recession would cause to the economy.
“Because the labour market is so hot and we have an exceptionally high number of vacant jobs, there is scope to cool the labour market without causing the kind of large surge in unemployment that we have typically experienced in recessions,” said Macklem in November.
