Global recession possible, Canadian governor warns

Tiff Macklem says firms are still raising prices excessively

Tiff Macklem
Bank of Canada governor Tiff Macklem
Bank of Canada

There is a danger of a global recession, Bank of Canada governor Tiff Macklem warned on April 13.

Speaking at the spring meetings of the International Monetary Fund and the World Bank, Macklem characterised global recession as the key downside risk. “There’s more than one way that can happen,” he said.

The Canadian governor particularly mentioned the effect of recent banking crises on credit conditions. Events like the failure of US lender Silicon Valley Bank had caused “a little spillover to

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