The C.D. Howe Institute’s Business Cycle Council says Canada has entered a recession due to the economic devastation caused by the COVID-19 pandemic.
In a report released Friday, the council said the economy peaked in February before the steps taken to slow the spread of the coronavirus brought the economy to a standstill.
A commonly used definition for a recession is two consecutive quarters of negative quarter-over-quarter economic growth. However, the C.D.
Howe council defines a recession as a pronounced, persistent, and pervasive decline in aggregate economic activity and it looks at both GDP and employment as its main measures. “Members agreed that by applying the council’s methodology to the preliminary data available, Canada entered