Canada’s economy shrank in the second quarter and recent readings showed it may have contracted again in the third, prompting plenty of the talk that the country could be entering — or already in — a “technical recession.” But what exactly does that term mean and how does it differ from a full-fledged recession? The Financial Post’s Ian Vandaelle explains., in its simplest terms, is two consecutive quarters of contracting economic output.
“Controlling for just two of the transitory shocks would suggest the economy has yet to post a quarterly contraction,” Scotiabank Economics vice-president Derek Holt wrote in a note to clients Oct. 31. “Then we would need to control for the effects of droughts in parts of the country and extreme wetness in other parts.”Long story short, it’s an indication the central bank’s rate hiking cycle is having the desired effect.
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