Scotiabank’s Holt Says It’s Too Early to Call Canada Recession
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Declarations that Canada is in a recession after the release of preliminary third-quarter gross domestic product data — which pointed to a second straight quarter of contraction — are “premature,” according to a top economist.
Derek Holt, head of capital markets economics at the Bank of Nova Scotia, argued that monthly production-side GDP accounts, published on Tuesday, shouldn’t be used to determine whether the economy has entered a recession.