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Bank of Canada Governor Says The Economy Is Weak But Not in Recession
Macklem said the economy has not shown a significant broad-based decline, even as GDP fell 0.2% and 0.1% in back-to-back quarters.
- Bank governor Tiff Macklem stated that "recession is not the word" he would use to describe Canada's current economy, despite two quarters of GDP contraction.
- Canada technically met the definition of a recession following GDP contractions of 0.2 per cent in late 2025 and 0.1 per cent in early 2026, meeting the two-quarter threshold.
- More than half of industries expanded on a year-over-year basis in the first quarter, while unemployment remained stable in the six-and-a-half to seven per cent range.
- Opposition Conservatives continue to press the government in the House of Commons, while Liberals downplay the data by pointing to a stellar jobs report Friday.
- The Bank continues to assess all factors and remains prepared to respond as needed, prioritizing economic health over the technical recession definition.
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Total News Sources9
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
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