‘Severe Recession’ Unlikely, Says Bank of Canada Governor

Governor of the Bank of Canada Tiff Macklem speaks at a press conference in Ottawa on June 9, 2022. Patrick Doyle/The Canadian Press

While economic slowdowns are likely, Canada will not experience a “severe recession” in upcoming months, says Bank of Canada (BoC) Governor Tiff Macklem.

“Growth for the next three quarters is roughly zero, which means we’re just about as likely to have a couple of quarters of negative growth as we are to have a couple of quarters of positive growth,” Macklem told the Senate banking committee on Nov. 1.