© Kirsty Wigglesworth/The Associated Press Former Bank of Canada and Bank of England governor Mark Carney told a Senate committee Thursday that Canada is likely to find itself in a recession next year. Former Bank of Canada and Bank of England governor Mark Carney says Canada likely will head into a recession next year but will fare better than many other countries and bounce back faster because of its strong economic fundamentals. "I think a recession is both likely globally and most probable in Canada," Carney said. "The combination of all of that is likely to lead to a recession, at least a few quarters of negative growth in Canada." "They majored on tax cuts as the solution as opposed to all the other hard work that's necessary to build productivity over time."

Source: CBC News October 21, 2022 04:35 UTC