Royal Bank of Canada economists are expecting a recession in the Canadian economy during the second and third quarters of the year, according to a report on Canada鈥檚 economic outlook that came out this week.
Their prediction puts a more specific timeline on , even though economic growth 鈥渉as been more resilient than feared in the wake of aggressive interest rate increases鈥 that began last year.
The economists said higher central bank interest rates will continue to impact the economy in 2023, weighing on household purchasing power and the housing market. At the same time, they said the global manufacturing outlook has softened and eased supply chain disruptions to help slow inflation.
鈥淎gainst that backdrop, the most likely scenario is still that the U.S. and Canadian economies will both enter mild recessions over the middle-quarters of 2023,鈥 the report said.
RBC said it expects any recession to 鈥渟it firmly on the 鈥榤ild鈥 side of historical downturns,鈥 but the economy won鈥檛 avoid a bumpy landing entirely.
It might be possible for consumer spending to be less sensitive to interest rates than expected, the report said, but that would keep inflation pressures sticky and lead to higher interest rates. Those higher rates would in turn cut into household purchasing power later on, 鈥渄elaying but not preventing a downturn,鈥 the report said.
The economists said consumer demand needs to soften for inflation to reach the central bank鈥檚 target two per cent rate.
鈥淭he alternative to the relatively mild 鈥榖umpy,鈥 economic downturn we expect in 2023 could still look more like a crash landing down the road if substantially higher interest rates, and a larger pullback in economic activity, is required to get inflation fully back under control,鈥 the report said.
鈥淣o parts of the country will be sheltered from the stiffer economic headwinds,鈥 RBC鈥檚 report said, predicting materially slower growth in all , which is benefiting from accelerating offshore oil production.
The oil-producing provinces of Saskatchewan, Alberta and Newfoundland and Labrador are expected to come out 鈥渁head of the pack鈥 largely thanks to strong commodity prices.
Outlooks are worse in British Columbia, Ontario and Quebec, where higher household debt service costs and corrections in the housing markets are having a bigger economic impact.
Atlantic Canada, meanwhile, is growing faster than the national average as it benefits from high population growth and residential investment.
The end of the day 鈥 when school, extracurricular activities and homework are (hopefully) finally done 鈥 is the window that many kids have for downtime. It can be a struggle to convince them not to go on their phones.
U.S. Vice-President Kamala Harris on Saturday accepted an invitation from CNN to debate former U.S. president Donald Trump on Oct. 23.
Twenty-seven year 麻豆影视 reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I鈥檓 grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
The French presidential palace unveiled a new centre-right government Saturday, more than two months after elections that produced a hung parliament and deepened political divisions as France grapples with economic and diplomatic challenges.
For some young people, a popular method for getting a quick high is by misusing laughing gas 鈥 and lately, that鈥檚 in the form of nitrous oxide from products sold by the company Galaxy Gas.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
Looking after an adult with severe autism can be a full-time job. Ask any parent who has a child severely affected by autism spectrum disorder 鈥 it鈥檚 a job that can get more difficult as the child becomes an adult.
An Ontario woman is among the dozens of people who have come forward to allege that they were sexually abused by London-based businessman Mohamed Al Fayed, the former chairman and owner of Harrods.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.
Mattea Roach among the Maritimers honoured with the King Charles III Coronation Medal Friday.
Montrealers can get used to taking a stroll on several car-free streets during the summer in the years to come thanks to a new commitment from the city.
An Ontario woman is among the dozens of people who have come forward to allege that they were sexually abused by London-based businessman Mohamed Al Fayed, the former chairman and owner of Harrods.
Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.
Sheba, a 50-year-old seal at the Cornish Seal Sanctuary in southwest England, has far surpassed the average lifespan for seals and could be the oldest in captivity in the world.
The death toll from an Israeli airstrike on a Beirut suburb has risen to 31, including seven women and three children, Lebanon's health minister said on Saturday.
A New Zealand pilot held hostage for more than a year in the restive Papua region of Indonesia was freed Saturday by separatist rebels.
An Israeli strike on a school in northern Gaza on Saturday killed at least 22 people, according to the Gaza Health Ministry, while the Israeli army said that it targeted a Hamas command centre in what used to be a school.
Below United Nations headquarters, a state-of-the-art security post dubbed the 'Brain Centre' hums with activity on the eve of next week鈥檚 high-level meeting of the UN General Assembly. The annual diplomatic pilgrimage is bringing more than 140 world leaders to New York City, including the leaders of Israel, the Palestinians and Ukraine.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
For some young people, a popular method for getting a quick high is by misusing laughing gas 鈥 and lately, that鈥檚 in the form of nitrous oxide from products sold by the company Galaxy Gas.
Looking after an adult with severe autism can be a full-time job. Ask any parent who has a child severely affected by autism spectrum disorder 鈥 it鈥檚 a job that can get more difficult as the child becomes an adult.
Canada is setting aside $151 million for the fight to eradicate polio worldwide. International Development Minister Ahmed Hussen announced the news at a Rotary International conference in Toronto.
If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Kathryn Crosby, who appeared in such movies as 'The 7th Voyage of Sinbad', 'Anatomy of a Murder,' and 'Operation Mad Ball' before marrying famed singer and Oscar-winning actor Bing Crosby, has died. She was 90.fff
'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The death of the Tragically Hip鈥檚 lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
It is not a great time to be a coffee drinker. In general, coffee bean prices are the highest they've been in more than a decade.
Experts say rising team valuations and the desire to forge a legacy are likely at the heart of what motivated Rogers Communications Inc. executive chair Edward Rogers to bolster the company's portfolio of Toronto professional sports teams.
Boeing said on Friday the head of the company's troubled defence, space and security unit is leaving the planemaker effective immediately.
Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
The end of the day 鈥 when school, extracurricular activities and homework are (hopefully) finally done 鈥 is the window that many kids have for downtime. It can be a struggle to convince them not to go on their phones.
While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Andre De Grasse, fresh off of winning Olympic gold in the 4x100-metre rally in Paris 2024, has been in Toronto for the latest few weeks as part of the Toronto International Film Festival.
Heading into Friday鈥檚 game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man鈥檚 best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
British Columbia Conservative Party Leader John Rustad was at a low point in his life two years ago, both personally and politically.
York Regional Police say they are looking for a homicide suspect after a wellness check led police to a body at a home in Richmond Hill early Saturday.
Toronto police say they have now identified a third person who they believe was involved in a shooting that left two men dead in North York earlier this week.
A man is fighting for his life in hospital a day after a vehicle smashed into several others in and around an intersection in Milton before flipping over.
The man charged with fatally stabbing lifelong Banff resident Ethan Enns-Goneau in 2022 has been convicted of second-degree murder.
A robust crew of volunteers are raising funds and awareness for first responders and veterans Saturday at Calgary police headquarters in northeast Calgary.
Heading into Friday鈥檚 game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
A joint police operation to promote safe driving on Highway 417 in the Ottawa area has resulted in laying dozens of charges in three hours Friday, according to the Ontario Provincial Police (OPP).
Whether it was a big truck, or a small one, the construction trucks rolling past the Children鈥檚 Hospital of Eastern Ontario (CHEO) on Saturday had a very important job, and it's putting smiles on the faces of little ones.
The 17th annual Canada Army Run is scheduled to take place Sunday in Ottawa, impacting traffic throughout downtown.
Montrealers can get used to taking a stroll on several car-free streets during the summer in the years to come thanks to a new commitment from the city.
Some residents in Notre-Dame-de-Gr芒ce (NDG) are raising concerns about the decision to repave the de Maisonneuve bike path, arguing that other roads in the borough should be a higher priority.
Montreal Police (SPVM) say residents of a home in the Saint-Laurent borough were evacuated early Saturday morning after a vehicle fire spread to the house.
Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
The death of the Tragically Hip鈥檚 lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.
The Lower Sackville area in Nova Scotia has access to a new section of trail, according to a news release from the government of Canada on Saturday.
Kings District RCMP in Prince Edward Island is investigating a fatal, single-vehicle crash that occurred on 48 Road in Head of Cardigan on Friday.
The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.
Three men are facing charges after a traffic stop netted $70,000 worth of cocaine on Thursday.
While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.
The last two months after losing her daughter Bella have been extremely difficult for Kyla Thomson.
Regina police arrested three youths in connection to a bear mace incident at a Regina high school on Friday.
Heading into Friday's game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.
The provincial government is considering new rules to restrict a municipality鈥檚 ability to install new bike lanes if it means traffic lanes would be removed.
Police said the pedestrian, a 52-year-old man, was taken to an out-of-region hospital with life-threatening injuries and the driver of the vehicle failed to remain at the scene.
Heading into Friday's game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
The City of Saskatoon is proposing changes to the proposed downtown shelter site plan following feedback from nearby residents and businesses.
The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.
Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
An Ontario woman is among the dozens of people who have come forward to allege that they were sexually abused by London-based businessman Mohamed Al Fayed, the former chairman and owner of Harrods.
A motorcyclist has died following a serious collision that took place in London鈥檚 south end on Friday afternoon.
The London Police Service (LPS) is currently investigating a suspicious death in the east end.
The St. Thomas police is asking the public for help locating a missing man.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
One person is in hospital after an e-bike crash in Orillia on Thursday.
On Saturday, OPP officers responded to a call after a car hit a tree in a parking lot at 8:00 a.m. on West St. S and King St in Orillia.
The Amherstburg Freedom Museum is celebrating of a year of festivities in anticipation of its 50th anniversary in 2025.
The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
A LaSalle high school is celebrating its emerald anniversary this weekend, with everyone who has ever walked its halls invited to return.
A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
British Columbia Conservative Party Leader John Rustad was at a low point in his life two years ago, both personally and politically.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls 鈥 including one that gave birth to 10 puppies 鈥 from a rat-infested home in Kelowna.
Despite the heavy rain, plenty of muscle turned up for United Way鈥檚 annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.
Ontario Provincial Police say three suspects from southern Ontario have been charged and drugs worth $300,000 have been seized following a traffic stop Sept. 16.
A Brampton driver, 27, was charged this week when northern Ontario police stopped the SUV he was driving on Highway 17 after a reported shooting and found more than $100,000 in cash.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester鈥檚 farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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