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Date: 11-apr-2025 | By: Nuztrend Team
A recent survey conducted by the Bank of Canada has raised fresh concerns about the nation’s economic outlook. According to the latest findings, 32% of Canadian firms believe that the country could enter a recession within the next 12 months. This figure has doubled compared to the previous quarter, highlighting growing apprehension among businesses.
The survey also revealed that Canadian consumers are becoming increasingly worried about the state of the economy. Around 66.5% of Canadians expressed concern over rising prices, slower economic growth, and potential job losses — a noticeable jump from earlier reports.
Economists have attributed this pessimistic outlook to ongoing global uncertainties, including trade tensions with the U.S., rising tariffs, and high inflation rates. Interest rate hikes by the Bank of Canada to combat inflation have further increased borrowing costs for businesses and consumers alike.
Canadian Prime Minister Mark Carney has acknowledged the economic challenges but remains optimistic about stabilizing the economy through targeted measures, including boosting trade partnerships and controlling inflation.
The Bank of Canada’s survey serves as a warning signal for policymakers and businesses to prepare for potential economic turbulence ahead. With a significant portion of firms expecting a recession and consumer confidence declining, Canada may face a difficult financial landscape in the coming months.
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