A former Bank of Canada governor says Canada is headed for recession, while criticizing the central bank’s messaging on inflation during testimony before a Senate committee on Sept. 22.
David Dodge, who retired from the post in 2008, told the banking committee that economic growth will go down to zero and “unemployment is going to rise,” according to Blacklock’s Reporter.
Senator Pamela Wallin, chair of the committee, sought to obtain clarification from Dodge.
“You stepped back from using the word ‘recession’ but let’s ask you about that,” she said.
“Zero growth rates after a period of three percent growth at annual rates that we’ve recently had is not going to feel so good,” answered Dodge….