Canadian economist warns of looming recession risk amid global turmoil

By Tammy Ibrahimpoor
CTV News Atlantic
April 7, 2025
Category: Finance & Economics
Region: Canada

Canadian economists are sounding the alarm about a potential recession as global markets experience turbulence along with widespread economic disruptions due to the U.S. trade war. “We’ve already had a bit of a taste of this,” said Don Drummond, former chief economist of TD Bank, in an interview with CTV News Channel on Sunday. He pointed to flat employment growth in February and the recent loss of 33,000 jobs in March, stating, “I think that’s a precursor of weakness we’re going to have, particularly in the automobile sector.” Drummond also expressed concerns that the global economic slowdown could deepen, leading to widespread job losses in Canada. …Drummond warned that Ontario alone could lose as many as half a million jobs if a recession takes hold. …“That’s going to freeze their production processes and lead to layoffs as well,” Drummond said, also pointing to the global economic landscape.

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