The Canadian economy is slowing quickly as the Bank of Canada hikes interest rates to tamp down excessive inflation, the prelude to a potential recession this year. Real gross domestic product rose 0.1 per cent in November, according to figures published Tuesday by Statistics Canada, with a preliminary estimate showing little change in December.

Despite the slowdown, the economy is showing resilience as it faces mounting headwinds. Growth in the final months of 2022 was stronger than what the Bank of Canada and several financial analysts had predicted. Notably, employers continued to hire workers in droves, which kept the unemployment rate near an all-time low.

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