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Economic outlook | March 2023
Tight monetary policy to squeeze economic growth
Despite elevated uncertainty in response to several recent bank failures in the United States and beyond, the economic downturn in Canada is not expected to be as deep as previously anticipated. This quarter’s outlook looks at the factors impacting the economy, such as:
- Inflation levels have been coming down in recent months.
- The Bank of Canada has hit pause on rate hikes.
- Consumer confidence is down.
- Activity in Canada’s housing market has plunged.
- Job reports have been stronger for the last few months.
What does all this mean for Canada’s economy? Are we headed for a deep recession? Will monetary policy ease at last? Is there hope for an economic recovery?
Learn more in our March economic outlook.
Quarterly economic outlook
Tight monetary policy to squeeze economic growth
March 2023
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Key contact
Trevin Stratton
National Leader and Partner, Economic Advisory, Deloitte Canada
tstratton@deloitte.ca
613-786-9014
Dr. Trevin Stratton is a national Economic Advisory leader and partner at Deloitte Canada and Economic Advisory leader at Deloitte Global, where he helps business leaders tackle today’s most complex and challenging economic issues. Prior to joining Deloitte, he was the chief economist and senior vice president of policy at the Canadian Chamber of Commerce. He has advised senior federal and provincial policymakers and government officials, including at the Prime Minister’s Office and the Bank of Canada, and C-suite business leaders on economic policy, development, and strategy.
Trevin earned his PhD at the Graduate Institute of International and Development Studies in Switzerland. He has held appointments as an international scholar at Yale University's Jackson Institute for Global Affairs, an E.C. Harwood Fellow at the American Institute for Economic Research, and a lecturer in economics, politics, and international studies at the American University in Dubai. He also holds a certificate in economic development from the University of Waterloo.
Currently a vice chair of the Business at OECD Economic Policy Committee, he’s also a frequent media contributor on economic issues for programs such as Power & Politics and BNN Bloomberg and publications such as The Globe and Mail and The Washington Post.