“The risk of a recession in the United States and globally is ‘uncomfortably high’”, Mark Carney, former governor of the Bank of Canada (BOC) and the Bank of England (BOE) said on Wednesday.

Key quotes

“Canada is likely to fare better in a slowdown than most other countries.”

“That recession, if it comes, will be relatively mild. This isn’t 2008, for [the US], but it’s also not 2001 either.”

“A recession won’t be as painful as the last global one because there aren’t the same imbalances in the US economy.”

“The banks are not in as precarious a situation, and there is not the same oversupply of houses and cars. Meanwhile, consumer finances are not in as rough shape as 2008.”