Canadian household debt has outpaced income growth so far this year, according to a report from the Canadian Press. The trend raises concerns about financial stability as the country grapples with a technical recession and persistent inflation.
Economic Context
Chief Economist Pedro Antunes explained how a technical recession, defined by two consecutive quarters of negative economic growth, is intertwined with inflation. The debt-to-income ratio has worsened, leaving households more vulnerable to economic shocks.
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