Quebec is officially in recession as the Quebec Institute of Statistics (ISQ) released data for the third quarter of 2023 in December showing a decline in gross domestic product (GDP) for the second quarter in a row.
Recession or economic downturn?
Why do experts talk about a recession when the Legault government prefers the term economic downturn?
To talk about a recession, economist Francis Gosselin explains in an interview with Québec Matin that one must consider the following: “GDP falls, therefore the volume of total production of a country like Canada falls by two quarters, that is, twice by three months. “.
“Technically we can say there is a recession, but there is more of a slowdown because there are sectors of the economy where things are doing very well. Roughly speaking, the economy is at a standstill,” he explains.
“There is no reason to worry at the moment.”
What awaits you in 2024?
Here are our experts' predictions for Quebec's economy in 2024.
· “We will see the key interest rate cut in the second half of 2024”
· “The first six months of the year could look like the last six months of 2023.”