It seems that the majority of Canadians believe that the country is headed for a recession and many of them think that the central bank’s rate hikes will propel it.
That’s according to a new Yahoo Canada/Maru public opinion poll released Tuesday.
In the survey’s key findings, a recession is described as a six-month slowdown in economic activity, caused by consumers holding back on spending, with a ripple effect of falling sales, businesses having to cut costs and prices , halt investments and lay off employees.
The survey found that 68 percent of Canadians believe the country is headed for a recession, while 17 percent say they believe we’re already in one, and 15 percent believe it’s not happening, that concerns are exaggerated.
the rise of central bank interest rates it will fuel the recession, say 56 per cent of those surveyed, while 44 per cent of Canadians believe the increase will cool the rate of inflation and prevent a recession.
In recent weeks, the country has seen rising costs for food and gasoline, to name a few, with just over half of Canadians saying they are cutting back on spending and setting tighter priorities in the past month. . 44 percent indicated that their spending habits have not changed.
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For Canadians looking to avoid spending money on their wallets, the survey found that food is at the top of the reduction list at 63 per cent, which includes supermarkets and restaurants. On that list, food was followed by entertainment, clothing and footwear, gasoline/gasoline, vehicle use and recreation, education and reading, with housing at the bottom of the list at six percent.
Survey participants were asked to compare what they paid for items in the past month to the previous month’s sticker price, saying that food and gas were the two most expensive items. Energy ranked third, followed by health and personal care, and other household goods and services. Home entertainment and air travel were last on that 15-item list.
The survey asked if Canadians are worried that inflation is causing them serious money problems and 56 per cent said they are worried that inflation will trigger serious money problems, and 13 per cent say they are panicking.
That said, 66 per cent of Canadians surveyed say that now is not a good time to invest in the stock market and that it would be a better idea to invest money elsewhere, while 34 per cent, seeing a potential bargain , disagrees and says now is a good time to invest in the market.
This survey was conducted on June 17, 18 and 19 of this year and involved 1,515 randomly selected Canadian adults who are panelists for Maru Voice Canada. The poll has a margin of error of +/- 2.5 percent, 19 times out of 20.
The post Most Canadians believe central bank rate hikes will trigger a recession: the poll first appeared in CityNews Montreal.