Economics
Can Canada Slip Into Recession Without the U.S.? BCA Says Yes
- Bank of Canada may tip country into recession, Mylonas argues
- Montreal firm says consumers can’t withstand higher rates
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Canada’s economy may soon endure something it hasn’t faced in 68 years: A recession without the U.S. in the same boat.
That’s the view of Jim Mylonas, global macro strategist at BCA Research Inc. in Montreal, a firm that’s been making calls on markets and economies since 1949. Mylonas says the surge in household debt combined with rising interest rates will push the Canadian economy into recession, even while the U.S. economy continues to grow.