Eighty-two percent of Canadians believe that the country is in recession

A new poll shows most Canadians are pessimistic about the outlook for the economy in 2024, as well as their financial situation. Pessimism about Canada's economic situation was the highest in Quebec and the lowest in Ontario. This online survey conducted by Polara Strategic Insights shows that 52% of respondents believe that the Canadian economy will worsen this year. While 24% believe that the economy will not change and 15% believe that its condition will improve.

Additionally, 82 percent of respondents nationwide said they believe Canada is in recession. Although Canada has yet to experience two negative quarters of GDP growth, according to some economists, Canada is already in recession. Nearly half of respondents (46 percent) also expect a fiscal downturn in 2024. while 38% expect it to continue as before and 8% believe that they will have a better financial situation. Food prices are still the most important financial concern for Canadians. 44% of people consider the cost of food as the main source of stress, followed by the cost of housing, the price of gasoline, and utility bills.

Gasoline cost stress has eased since last year, as gas prices have fallen significantly since their peak in June 2022. Young Canadians see the cost of housing as a stressor. This concern was present among 45% of respondents aged 18-34 and 19% of those aged 65 and over.

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