Another month and another eye popping inflation number for Canadians. The cost of living rose 7.7 percent in May, a 40 year high. It won’t surprise anyone who has filled up the tank or shopped for groceries in the last few months. It has money minds worried about the economy running off the rails.

The Bank of Canada has moved to curb inflation by hiking interest rates with further increases on the horizon. Fully three quarters of Canadians feel we are headed toward recession or are already there. This is more than a Made in Canada problem as the issues sparking it are global. Supply chain breakdown, Covid lockdowns in China and the Russian invasion of Ukraine have all thrown fuel on the red hot economy.

Is Canada headed for a recession?

Our Unpublished Vote question asks: Do you feel the Canadian economy is heading for a recession?

Audience Response:

88% = Yes
6% = No
6% = Unsure

Joining us to discuss the potential for a global recession and the impact on Canada:

Jim Stanford Director, Centre for Future Work @JimboStanford
Moshe Lander, Professor Economics, Concordia University @CU_researchnews
David Macdonald, Senior Economist Canadian Centre for Policy Alternatives @DavidMacCdn
Ian Lee, Associate Professor Sprott School of Business Carleton University
Mike Veall Professor Economics McMaster University @McMasterEcon