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Canada headed for 'severe' and 'inevitable' recession in 2023: economist

Canada is headed for a 'severe' and 'almost inevitable' recession in early 2023, according to the head of economics at Macquarie Group, which states Canada will face an approximately three per cent contraction in gross domestic product and a five per cent rise in its unemployment rate during the predicted recession.

The Bank of Canada is shown in Ottawa on Tuesday, July 12, 2022. (THE CANADIAN PRESS/Sean Kilpatrick)

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WATCH LIVE | Canadians reflect about residential schools on Truth and Reconciliation Day

Ceremonies, marches and other gatherings are taking place across the country Friday as communities mark the National Day of Truth and Reconciliation. The federal statutory holiday was established last year to remember children who died while being forced to attend residential schools, as well as those who survived, and the families and communities still affected by lasting trauma.

Prime Minister Justin Trudeau looks on as Grandmother Jackie Labonte leads a sunrise ceremony to mark the National Day of Truth and Reconciliation in Niagara Falls, Ont. on Friday, September 30, 2022. THE CANADIAN PRESS/Nick Iwanyshyn

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SPONSORED | Back To Business

Lifestyle Expert Richard Cazeau shares products to help you get the most out of your workdays this fall.

Beaches Disc Golf

Teddy and Nicole visit Beaches Disc Golf Course to learn more about this popular sport.

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SPONSORED | Back To School Gear

ParentsCanada Product Editor, Gail Gabrielle, previews some of the coolest back to school products on the market.

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SPONSORED | Niagara Parks Attractions

Nicole heads to Niagara Falls to check out the Tunnel at Niagara Parks Power Station and the Butterfly Conservatory.