Canada in serious Trouble , GDP , Immigration, Violence, Mass exodus, Food Mafia , News Mafia

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Originally Aired on Dec 30, 2023, 10:00 pm EST

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Despite a surge in immigration, Canada's economy is stagnating and resembles that of a recession. The gross domestic product (GDP) remained unchanged in October, marking the fifth consecutive month of lackluster growth. This disappointing performance, contrary to expectations, is largely attributed to increased government stimulus rather than the anticipated boost from population growth.

In October, the official GDP figures defied the consensus estimate of 0.2% growth, revealing a flat performance. September had already shown similar results, with half of the 20 major sectors failing to expand or experiencing contraction. This unexpected underperformance challenges the more optimistic outlook that had been anticipated.

Even with a projected 0.1% growth in November, concerns about the economy persist. The failure to capitalize on a rapidly growing population raises alarms, as Canada's economic trajectory appears far from the norm. The addition of a record number of people, theoretically boosting consumption, only serves to mask the severity of the economic downturn.

Matthieu Arseneau, Chief Economist at the National Bank of Canada (NBF), emphasized the grim reality by highlighting the unprecedented streak of five consecutive months without economic growth. This pattern, reminiscent of the 2008-2009 financial crisis and the 2015-2016 slowdown linked to the oil supply shock, underscores the deep concerns surrounding Canada's current economic state.

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