Mark Carney is the former governor of the Bank of Canada and the Bank of England.

  • says the risk of a recession in the United States and globally is “uncomfortably high”
  • 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 U.S.], 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 U.S. 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, he said.

Report comes via AP, link here