With grocery prices skyrocketing in Toronto, particularly lettuce and chicken costs that have gone viral in the past weeks, you would think that we’d be knee-deep in a recession.
But that’s not really how that works.
Although Canada is seeing a severe economic downfall, we aren’t actually in a full blown recession, according to many experts and economists.
But tell that to the 83 per cent of Canadians who believe we’ve already hit rock bottom.
According to a survey conducted by research group Pollara Strategic Insights,Canadians are the most pessimistic they’ve been since 2008.
Additionally, 38 per cent of respondents say they are “losing ground” when it comes to their money and feel like they are out of options.
The Bank of Canada found that many businesses expect their sales to drastically fall in the next 12 months, according to its latest Business Outlook Survey released on Monday.
Meanwhile, consumers said they expect a recession to happen over the next year.
The data also suggests that high inflation could be pushing consumers away and only increasing the possibility of a recession.
It’s safe to say that Canadians are worried about their futures, especially with 56 per cent expecting the economy to get worse next year, according to Pollara’s poll.
Only 14 per cent believe we’ll see better days ahead.
Pollara’s online survey of over 4,020 Canadian adults carries a margin of error of plus or minus 1.6 per cent, 19 times out of 20.