Canadian economy suffers biggest contraction since the Great Depression

March 2, 2021

The Canadian economy posted its worst showing on record in 2020 as the COVID-19 pandemic swept across the country, shutting down businesses and putting millions out of work.
Statistics Canada says real gross domestic product shrank 5.4 per cent in 2020, the steepest annual decline since comparable data was first recorded in 1961.

“It’s official. The COVID-19 pandemic caused the Canadian economy to suffer its steepest contraction since the Great Depression,” said TD senior economist Sri Thanabalasingam.

The drop for the year was due to the shutdown of large swaths of the economy in March and April during the first wave of the COVID-19 pandemic that crushed the economy.

Since then, economic activity has slowly and steadily grown...

This was excerpted from the 2 March 2021 edition of the Financial Post.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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