Part 3/9:
Starting with North America, a noteworthy event has unfolded: Canada’s Liberal Party has achieved a fourth consecutive term, with former central banker Mark Carney stepping into the role of Canada’s prime minister during a time of considerable economic uncertainty. The backdrop of this change is President Trump’s escalating trade war, which has significantly hampered Canadian exports, business investments, and growth.
Economists now anticipate a contraction of about 0.2% for Canada’s economy in the second quarter, with a grim forecast of stagnant growth in the third quarter—barely avoiding a technical recession. The projection for GDP growth has also been reduced, with estimates of just 1.2% in 2025 and 1% in 2026, down from previous expectations of 1.5%.