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Business sentiment continued to weaken in the fourth quarter and expectations for slower sales growth increased for a fourth consecutive quarter, the survey said. Some two-thirds of firms expect a recession over the next 12 months, with 90 per cent of those expecting it to be mild.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Around 71.5 per cent of consumers also expect “a mild to moderate recession” and just under half of those expect it to be “moderate in severity and length,” according to a separate quarterly survey.Kevin Carmichael: Bank of Canada needs deeper post-mortem of what went wrong on inflation Last year the bank lifted rates at a record pace of 400 basis points in nine months to 4.25 per cent – a level last seen in January 2008 – to fight inflation. The survey showed that 84 per cent of firms expect inflation to remain above 3 per cent for the next two years, up from 77 per cent in the third quarter.
Canada’s annual inflation rate eased to 6.8 per cent in November as gasoline price rose more slowly, still well above the central bank’s 2 per cent target, data showed last month.
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