CFIB forecasts recession as business confidence remains ‘persistently low’

The Canadian Federation of Independent Business is forecasting a recession in Canada this year.

A new report from CFIB, released Thursday, shows it’s forecasting that growth declined 0.8 per cent in the second quarter and will contract by a further 0.8 per cent in the third quarter. The report said the contraction is reflective of “persistently low business confidence” stemming from trade tensions and weakness in the manufacturing industry.