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Reports paint grim picture of how a recession will impact Canada

Economists at yet another big global firm are sounding the alarm about the Canadian economy, warning of a forthcoming recession that will hit provinces like Ontario the hardest.Just days after Wells Fargo forecasted that the Great White North will fall into a recession sometime this year — news that was bolstered by a Financial Accountability Office (FAO) report saying Ontario in particular should prepare for a downturn — another big player in the financial services sector has released a similarly distressing economic outlook.Deloitte Canada is warning citizens that a further decline in GDP growth, "significant" downward economic pressure and "really soft economic activity" are on the way in 2025, with the next six to eight months looking particularly bad in the shadow of the U.S. tariffs that first kicked off in March.Along with a depletion of both exports and imports, especia...


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