For Canadians who are worried about the effects of the COVID-19 response, these programs welcome relief in the short-term. But a recession appears inevitable, and may already be underway. For the long-term, that means potential implications for your retirement savings and overall wealth. But the implications aren’t necessarily negative.
It’s often said that when the United States sneezes, the world catches a cold. That expression can apply to the economy because there are signs that a recession—which is a normal part of the business cycle—is going to hit the U.S. Whether you like it or not, a recession is inevitable. It may be in a few months or a few years from now, but it’s inevitable.