Quebec Economy: What to expect in 2024?

Quebec is officially in recession as the Institut de Statistics du Québec (ISQ) unveiled third-quarter 2023 data in December, showing GDP falling for the second straight quarter.

Recession or economic slowdown?

Why do experts talk about recession while the Legault government prefers the term economic slowdown?

To talk about recession, economist Francis Josselin explains in an interview with Québec Matin that it is necessary to point out that “GDP is decreasing, so the volume of total production of a country like Canada decreases for two quarters, and therefore twice in three months.” .

“We can technically say there is a recession, but there is more of a slowdown because there are sectors of activity where things are going very well. Almost, the economy is standing still,” he explains.

“There is no cause for concern at the moment.”

What do you expect in 2024?

Below are our experts' forecasts for Quebec's economy in 2024.

· “We will see the key interest rate fall in the second half of 2024”

· “The first six months of the year feel like the last six months of 2023”