The bleak projections come as central banks around the world raise interest rates to tame inflation
The poor performance was the second consecutive quarter of economic contraction
Some banks expect third-quarter growth of about 1%
Recession now expected for Europe this year, U.S. in 2023
BoC still says economy’s overheated while real GDP rose 0.8% in Q2
The economic contraction meets one informal sign of recession
Economist forecasts a "storm" in economic data as we emerge from the pandemic
StatsCan estimates 4.6% Q2 growth; manufacturing and construction saw the largest declines in May
Report from the parliamentary budget officer also finds that Canada’s debt level is sustainable over the long term
Even with the economy recording a second straight quarter of negative GDP, many economists do not regard it as constituting a recession