Three Out of Four Economists Predict Widespread Job Loss in 2023

came as no surprise to Canadian economists.

The most recent rate hike comes at a time when the climbing cost of consumer goods is taking a serious toll on the bank accounts — and— of Canadians from coast to coast. The BoC’s vigilant fight against inflation was the main reason most experts believed the bank would raise rates by 0.50% one last time in 2022.

at Scotiabank. [As a result], inflation risk remains high.” Philip Cross, senior fellow at the Macdonald Laurier Institute, added that while “inflation may have peaked [in 2022] but [threatens] to stay elevated.”, agrees. He believes that because high inflation could become entrenched, the BoC needs to continue to put pressure on rampant spending.

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