The Big Story
Post-election, digging into whether or not our economy will fall into recession
May 4, 2025
Dawn Desjardins, Chief Economist at Deloitte Canada, specializes in economic forecasting and analyzing trends. She discusses potential recession risks in Canada following recent elections and the impact of trade tensions. Dawn highlights how consumer anxiety and trade deficits are slowing down growth in critical sectors. She also explores the challenges faced by industries like steel and aluminum in an uncertain economy, emphasizing the importance of navigating interest rates amidst inflation concerns.
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Quick takeaways
- The uncertainty in trade policies, especially due to tariffs, is significantly impacting consumer confidence and spending habits in Canada.
- Government support is crucial for affected sectors, with discussions focusing on reducing trade barriers and enhancing infrastructure to foster economic recovery.
Deep dives
Economic Impact of Trade Uncertainty
The current economic landscape has been severely affected by uncertainties surrounding trade, particularly recent tariff implementations. The U.S. experienced a notable contraction in its economy, attributing this downturn to an unprecedented increase in imports as companies sought to front-load purchases before tariffs took effect. In Canada, the economy also showed signs of contraction, driven by consumer worries over the labor market and potential changes to interest rates. This volatility has resulted in decreased business and consumer confidence, prompting a cautious approach to spending and investment.
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