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Coronavirus: Is Ottawa doing enough to save the economy?
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Forget the word recession. As the coronavirus health emergency shuts down part of Canada’s economy, experts are dusting off a word that’s been relinquished to the history books for nearly a century: depression. “This isn’t business as usual, even for a recession,” starts a recent report from CIBC’s economics team, for example.
The paper predicts Canada’s GDP could contract by an annualized 15 to 20 per cent in the April-to-June period in inflation-adjusted terms.
The unemployment rate, meanwhile, could shoot up to nine per cent, up from a reading of 5.6 per cent in February. That isn’t the stuff of your run-of-the-mill recession, the report notes.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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