Canada might enter mild recession: economic statement

OTTAWA, Nov. 3 (Xinhua) -- The Canadian government released its 2022 Fall Economic Statement on Thursday, warning that the country is likely to enter a mild recession in the first quarter of 2023.

According to the statement, the Department of Finance has developed a "downside scenario" that considers the impact of more persistent inflationary pressures and further tightening in monetary policy, leading to a "hard landing" in the economy.