“A looming recession and the ongoing effect of higher interest rates will only add stress in the period ahead,” Hogue and Liu said.to hit the economy as early as the second quarter with growth falling 0.5 per cent followed by a decline of one per cent in the third quarter. A recession is defined as two consecutive quarters of negative growth.
“Historically, the loss of a job has been one of the principal factors contributing to loan delinquencies and consumer insolvencies in Canada,” they said. Furthermore, rising joblessness coupled with increasing rates and debt loads will push insolvencies upward, even after the labour market recovers and interest rates drop.Article content
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