Small Businesses to Be Hit Hard by Recession, Says Former Budget Officer

Former parliamentary budget officer Kevin Page, seen here at a Commons finance committee on Parliament Hill on April 26, 2012. The Canadian Press/Sean Kilpatrick

An economic slowdown is “likely inevitable” and small businesses will be impacted significantly, a former parliamentary budget officer told the Senate banking committee on Dec. 1.

“It’s going to hurt small businesses significantly because with higher interest rates, people are not going to want to use credit,” said former budget officer Kevin Page, according to Blacklock’s Reporter.