[EXCERPT]
There’s little question that Canada is navigating a “weird” economy right now, says Ken Peacock.
The Business Council of BC’s (BCBC) chief economist points out that inflation is sky-high (seven per cent in August) at the same time labour markets are facing a severe crunch, with Statistics Canada reporting more than one million job vacancies as of June.
“This is an entirely different creature,” Peacock said about the uncertain economic conditions facing Canada heading into 2023 compared with the 2008-09 recession.
Back then, inflation sat at 2.37 per cent and 0.3 per cent, respectively, for those two years as the Bank of Canada (BoC) cut rates, while unemployment hit 8.9 per cent by the end of 2009.
