The Conference Board predicts economic growth will slow to a near standstill by spring

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OTTAWA — A new economic outlook from the Conference Board of Canada says a recession is possible, but underlying conditions are working in the economy’s favor.

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The think tank says it expects there to be virtually zero economic growth from the second half of this year to the first quarter of 2023.

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It says whether this meets the technical definition of a recession will depend on some ultra-fine estimates that won’t be fully visible in the annual numbers.

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Overall, the board expects 2022 growth to reach 3.0% based on the strength of the first half of the year.

The growth rate is then expected to slow to 1.2% in 2023 before picking up to 2.7% in 2024 and returning to 1.8% in 2025.

The increase in the consumer price index is expected to be 3.8% in 2023 and 2.2% in 2024, the board said.

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