FleishmanHillard HighRoad for RSM Canada, fhr.rsm@FHhighroad.com, 416.508.8430
for media use only
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FleishmanHillard HighRoad for RSM Canada, fhr.rsm@FHhighroad.com, 416.508.8430
for media use only
TORONTO, ON - (October 3, 2022) - RSM Canada ("RSM"), a leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its third 2022 edition of ‘The Real Economy, Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into how the nation’s middle market can navigate through complex economic and geopolitical conditions.
As governments and industries around the world grapple with inflation, rising costs and a breadth of other economic hurdles, the latest edition of The Real Economy, Canada examines how Canada's economy is faring at the moment, and what key issues and opportunities businesses need to be aware of in the coming months.
Key findings in this quarter’s report include:
Recession talk is pre-mature, though economic headwinds are having an impact.
Higher interest rates have cooled down Canada’s housing market, but demand remains high.
Canada's industrial sector is reaping the benefits of strong global demand.
“Despite a robust recovery from the lockdowns of the COVID-19 pandemic, Canadian economic growth will continue slowing down due to persistent inflation and an historically tight labour market,” says Tu Nguyen, economist and ESG director with RSM Canada. “But the real long-term challenge will be the labour shortage, with declining worker participation hitting the health care, hospitality and food services industries particularly hard."
Nguyen continues: “There’s also a fundamental shift in the demographic of Canada’s labour force, causing policymakers to explore ambitious immigration goals to address the labour gap. But government, industry associations and organizations will actually need to go further and streamline the accreditation process so that workers educated abroad can fill much-needed roles in Canada. Only then can Canada hope to have more meaningful growth in labour supply and productivity.”
For more information on RSM Canada’s ‘The Real Economy: Canada’, or to download the report, please visit their webpage.
About RSM Canada
RSM empowers middle market companies worldwide to take charge of change. The clients we serve are the engine of global commerce and economic growth. Our unique middle market perspective makes RSM the natural choice for growth-oriented, internationally active organizations seeking relevant insights and tailored, innovative solutions for a complex and changing world. With a global reach spanning more than 120 countries, we instill confidence in a world of change by bringing the full power of RSM to make a lasting impact on our clients, colleagues and communities.
RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent assurance, tax and consulting firms. RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International. For more information visit rsmcanada.com, like us on Facebook, follow us on X and/or connect with us on LinkedIn.