We're in a recession,' says former Bank of Canada governor: Canadian consumer has suffered a 30% increase in the cost of living

[CdnFox]

“I would say we’re in a recession, I wouldn’t even call it a technical one,” said Poloz, now special adviser to Osler, Hoskin & Harcourt LLP, during a webinar on Tuesday. “A technical one is a superficial definition that you have two quarters of negative growth in a row, and we haven’t had that, but the reason is because we’ve been swamped with new immigrants who buy the basics in life, and that boosts our consumption enough.”

On Friday, Statistics Canada reported that gross domestic product per capita had declined for the sixth consecutive quarter, falling by 0.4 per cent in the third quarter. 

Bank of Canada's former head Stephen Poloz says we're in a recession | Financial Post