2023-12-27 12:26:45
Quebec is officially in recession as the Institute of Statistics of Quebec (ISQ) revealed data for the third quarter of 2023 in December, showing the decline in gross domestic product (GDP) for a second consecutive quarter.
Recession or economic slowdown?
Why do experts talk regarding a recession when the Legault government prefers the term economic slowdown?
To talk regarding recession, economist Francis Gosselin explains in an interview with Québec Matin that it is necessary to note that “the GDP is decreasing, therefore the volume of total production of a country like Canada is decreasing for two quarters, therefore two times three months.
“We can technically say that there is a recession, but there is more of a slowdown because there are sectors of activity where things are going very well. Roughly speaking, the economy is standing still,” he explains.
“There is no cause for concern at the moment.”
What to expect in 2024?
Here are our expert’s forecasts for the Quebec economy in 2024.
· “We will see the key rate decrease in the second half of 2024”
· “The first 6 months of the year risk looking like the last 6 months of 2023”
1703688696
#Quebec #economy #expect
