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ARTICLE · 10 FEBRUARY 2023

Canada Might Be Heading Towards A Recession: Issues Employers Should Keep In Mind

Miller Thomson
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With many, including former Bank of Canada Governor Mark Carney, predicting that Canada will enter into a recession in early 2023 there are several important factors employers should keep in mind.

CanadaEmployment and HR
Veronica Rossos
Veronica Rossos
Matthew Wray
Matthew Wray
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With many, including former Bank of Canada Governor Mark Carney, predicting that Canada will enter into a recession in early 2023 there are several important factors employers should keep in mind.

Recessions inherently spark anxiety due to the inability to forecast. None of us knows what will be the depth, timeframe, or impact of a recession. Fortunately for Canada, certain experts, Mr. Carney among them, are predicting that this recession could be less severe and shorter for Canada than for certain of our global partners. Several factors supporting this prediction include: Canada's strong job market; Canada's international trade agreements with G7 and Pacific Rim countries; and Canada's Emergency Wage Subsidy which prevented significant pandemic-related job losses in Canada. These factors differentiate the Canadian economy from the those of other countries.

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