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Discussion – 


Discussion – 


How will the economic recession of 2024 affect your finances?

Canada will go through a recession in 2024. The experts announced this earlier this year. However, this bad patch should be short-lived. Whatever the case, people’s finances will be heavily impacted. Let’s take stock.

What is an economic recession?

A country’s Gross Domestic Product (GDP) may temporarily fall. As a reminder, GDP represents all the goods and services produced in a country over the course of a year. When it declines, economic activity declines. A recession occurs when the phenomenon persists for at least 6 months.
There are many reasons for this. This could be a health crisis, for example. A complicated geopolitical situation may also be to blame. The Covid-19 pandemic, for example, is one of the main causes of the 2024 recession. In addition, the Ukraine-Russia and Israel-Hamas wars are aggravating the situation. The impact is felt worldwide.

The consequences

One of the main signs of the recession is the drop in production. This results in lower revenues. Unfortunately, many companies are struggling to overcome this situation. Some are forced to reduce their workforce. Others become insolvent or go bankrupt. In all cases, many people lose their jobs or experience a drop in income. The result? Household purchasing power is declining. That’s how the economic recession is affecting your finances.

Recession is a vicious circle!

As people’s purchasing power declines, so does their consumption. Families monitor and manage their budgets. They buy only the bare essentials to keep costs down. They cut back on outings and leisure activities. In short, they do everything they can to get by without going into debt.
Faced with this situation, it is difficult for companies to try to increase their production. The risk of unsold stock is too high. As a result, they are unable to hire more staff. Hence the persistently high unemployment rate.
It usually takes a long time to get out of this vicious circle. However, this situation is only temporary. It is entirely possible to emerge from the recession with the right economic strategy.

How do you survive in a recession?

Everyone wants to avoid going into debt. As far as possible, individuals and companies want to get by on their own. So here’s our advice: spend wisely! A new smartphone or computer is useless if the old one works properly. Repair instead of replace. Recycle. Prepare your own meals. In short, learn to save. In fact, start saving for a rainy day if you’re still living well.


Has the recession already hit your finances? Do you find yourself in financial difficulties that you can no longer control? Are you on the verge of bankruptcy? Don’t panic! We can help you get back on track financially. Whether you’re an individual or a company, we have the right solution for you! Please contact us to find out more about our services.

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