Thu Oct 6, 2022 – 10:55 am EDT
OTTAWA (LifeSiteNews) — Now-retired Bank of Canada (BoC) governor David Dodge testified in the Senate late last month that the country’s economy is likely hurdling towards recession.
“Unemployment is going to rise,” Dodge testified to the Canadian Senate banking committee on September 22, according to Blacklock’s Reporter.
“Economic growth will flatten to zero,” added the former BoC governor.
In response to his pessimistic statements, Saskatchewan Senator Pamela Wallin asked Dodge specifically if he was forecasting a recession of the Canadian economy.
“Zero growth rates after a period of three percent growth at annual rates that we’ve recently had is not going to feel so good,” replied Dodge.
“Yes, that’s going to happen and it is not going to feel good. Putting a number on it, I would say zero [economic growth] over that period is a good guess but I think ‘guess’ is the operative word,” he added.
READ: Bankruptcies skyrocket in Canada amid soaring inflation, interest rate hikes
Dodge’s prediction followed a similarly negative forecast given by the BoC’s current Deputy Governor Paul Beaudry, who stated last month that Canada’s inflation
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