What may feel like a recession in Canada isn’t exactly a recession according to traditional definitions, and on today’s episode #392 of “Let’s Talk Money with Dave and Reb”, the co-hosts talk about the new buzzword “me-cession” that is representative of how Canadians are feeling about the current economic climate.  

The “me-cession” word is attributed to Charles St-Arnaud, chief economist at Alberta Central. Others are calling it the “per capita” recession where individuals and families are experiencing recession-like symptoms as they tighten their financial belts alongside increased inflation and interest rates. However, on an aggregate level, Canada’s economy is either holding or experiencing small growth, and technically Canadians are not in a recession because of the growth of the gross domestic product (GDP).

“Whatever you call it, Canadians are feeling financial pressure, and as always, we want to encourage listeners to keep planning what they spend, and then stick to that plan,” Reb says.

To learn more, listen to the show, or link to these articles:

• https://www.cbc.ca/news/business/world-market-united-states-recession-1.7285512
• https://thoughtleadership.rbc.com/canadas-economy-might-not-be-in-recession-but-it-feels-like-one/
• https://www.cbc.ca/news/canada/calgary/alberta-economy-recession-me-cession-1.7284314?utm_source=Prosper+Canada+Subscriptions+%5BAll%5D&utm_campaign=0115dfd2e9-Media_Monitoring_January_8_COPY_01&utm_medium=email&utm_term=0_536ea6808f-0115dfd2e9-209782524&mc_cid=0115dfd2e9&mc_eid=e2030b7b95

Today’s episode is sponsored by Financial Discipleship Canada and notmine.ca—a ministry to the body of Christ that voices and encourages dialogue and new conversations regarding finance and discipleship. To learn how you can connect your finances to being a disciple of Christ go to https://www.financialdiscipleship.ca/. To order Reb’s soft-cover copy of Cultivating Trust: Finding God’s Hope and Freedom for Your Finances, go to Cultivating Trust here!