Fears about a recession among Canadians have dipped slightly, new YouGov data shows.
While global events such as the coronavirus outbreak and geopolitical tensions between the United States and other countries threaten to put pressure on the Canadian economy, the country also saw a higher-than-forecast jobs increase in January and some economists suggest the Bank of Canada could cut Interest rates this year to help buoy markets.
According to rolling data gathered by YouGov, 20 percent of Canadians think a recession will hit in the next year, down from 24 percent who thought so in December. Men (24%) are more likely to believe this notion than women (17%).
As for personal preparedness, two out of five Canadians (40%) say they’re somewhat or very prepared for a major economic recession. That number dips significantly when we look at those age 18-34, of which 35 percent are at least somewhat prepared and 36 percent among those age 35-54. Nearly half (47%) of those 55 and over are confident they’re prepared.
Overall just over half (52%) of Canadaians are not very or not at all prepared for the next recession.
When looking at Canada as a nation, just under a third (30%) say it’s at least somewhat ready for a downturn compared to 61 percent who say it’s not.
After President Donald Trump ratcheted up tensions with Iran and after the Senate acquitted him of two impeachment charges, 56 percent of Canadians think the actions of the Commander in Chief make a recession more likely. That number remains nearly flat from December (56%).
A little more than two in five (43%) of Canadians believe the policies of their own Prime Minister Justin Trudeau are making a recession more likely compared to 16 percent who say his actions are staving off a downturn.