Canada “likely” to experience economic downturn, possible recession, expert says

Canada’s second quarter Gross Domestic Product (GDP) grew at an annual rate of 3.3 per cent, bringing with it both good and bad news. The positive aspect was that it expanded — but not as much as the street expected, and likely dipped into negative territory in July.

“It’s definitely not a good sign for Canada’s economy at large and it was to be expected. I think there were some hopeful analysts that thought it would exceed that 3.3 per cent mark, but it just didn’t hit it and in fact, it is likely to go into contraction now,” said Brett Chang, co-host of The Peak Daily.

“It’s likely we’re going to experience some sort of economic downturn, maybe even a recession — now it’s just a matter of how deep or severe this recession will be,” Chang adds.

For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily

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