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Expect another tough economic year ahead, analysts say

Expect another tough economic year ahead, analysts say

New year new resolutions it just created a new program for myself for strength for weightlifting and some are being Zen about the coming year I thought 2022 there was there was a lot of really bad things that happened but a lot of things I think are getting better as well and I’m really optimistic for how 2023 is looking unfortunately it’s an optimism.

Not everyone shares we expect one third of the world economy to be in recession even countries that are not in recession it would feel like recession for countries of millions of people the international monetary fund is predicting slowdowns for the world’s biggest economies the EU the U.S and China now struggling with covet meaning.

Possibly more supply chain problems as countries and consumers are already feeling pinched Canadians are failing High inflation they’re they’re feeling higher interest rates the Bank of Canada says a recession could hit Canada too and the pains Canadians felt last year could be worse for 2023 including more interest rate hikes High inflation with.

High prices some suggesting groceries could be up another five to seven percent there’s been no growth in household real earnings at the same time they’re seeing incredibly fast increase in their Debt Service payments so expenses that they pay on their mortgages on their consumer credits different lines lines of credits and.

It’s why many small businesses aren’t feeling confident we’re at levels who we haven’t seen really outside of recession periods it certainly shows that uh it’s not a strong economy right now fortunately some businesses say the challenges of covid mean they have learned to be flexible I mean we’ve dealt with so much in the last three.

Years it’s just another shovel load on the pile like it doesn’t it’s not something I’m specifically reacting to a lot of our members he hopes more people will come here to focus on something other than the economy Susanna the Silva CBC News Vancouver

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