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GDP numbers show economic growth slowing

2/1/2023

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Canada's economy continued to grow in November, although at an almost negligible rate of 0.1%, according to the latest report from Statistics Canada.
 
Many economists are calling for a brief recession this year as higher borrowing costs are starting to impact consumer spending and business investment. The Bank of Canada said that it expects inflation, currently about 6.3%, to return to its target rate of 2% later in 2023. That will enable the bank to lower interest rates and stimulate the economy with less risk of overheating.
 
"Greater Victoria has traditionally fared better than many regions during recessions due to our large public sector." said Chamber CEO Bruce Williams, who also spoke to CHEK News about the need to consider broad implications before making quick decisions on future of public sector work. "Those workers are very important customers to many local businesses. They've created a synergy over many decades that can't take be taken granted. We need decision makers in government to understand how important it is to keep workers in Greater Victoria for the stability of BC's capital city."
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews Articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us