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Portrait of Beata Caranci, Chief Economist and Senior Vice President for TD Bank Group
• Oct 3, 2022

In the last 40 years, Canada has faced five recessions – are we headed for another one?

Beata Caranci, Chief Economist and Senior Vice President at TD, says high inflation, big financial market swings and rising interest rates are dynamics that make it hard to know with certainty where the economy is headed in 2023.

"There's no way to know with certainty whether the economy will be in recession in 2023 from all these dynamics," Caranci says in a new video for TD Stories.

"But we do know with certainty that the economy needs to slow down. A lot."

For many, the word "recession" may evoke feelings of anxiety and uncertainty. But whether or not Canada's economy enters a recession, Caranci says it's important to remember that we've been there before – and the economy has always rebounded.

"Recessions are part of an economy's normal ebb and flow," said Caranci. "If history has shown us anything, it's that recessions are temporary, and the normal state of the economy is to grow again."

In this video, Caranci breaks down the term recession, sharing what it means for the economy, and individual Canadians. Plus, she explains what a growth recession means—and why it might feel like one if we do in fact enter a recession within the next few quarters.

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