CURRENT ECONOMY WORSE THAN THE GREAT RECESSION!

This year, Canada has entered a recession that is at least as bad as the worst-case scenario predicted by the central bank last year, according to wealth manager Hilliard MacBeth.

In a recently released client note, MacBeth said that by every measure, the Bank of Canada’s adverse scenario in its 2019 forecast considerably outstripped any of the previous three recessions.

The central bank pegged the duration of a worst-case recession at seven quarters, GDP decline at 8.2%, peak unemployment rate at 12.6%, and home price contraction at 40.9%. Even the recession that stemmed from the Great Financial Crisis would appear benign in comparison, with a three-quarter duration, a 4.5% GDP drop, an 8.6% peak unemployment rate, and a 7.8% decline in housing prices. # SANDI HALPERN # SOLD # LEASED # ECONOMY # RECESSION