Canada Expects ‘Long, Bumpy’ Recovery After Historic Economic Losses

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There were record drops in spending as businesses stayed closed, Canadians were ordered to stay home and millions were out of work.

The agency says realcontracted at an annualized rate of 38.7 per cent for the three-month period, the worst showing since the start of 2009 at the height of the global financial crisis.

Economic output rebounded in May by 4.8 per cent, and the agency says June posted an increase of 6.5 per cent.The second quarter of 2020 was largely expected to be the worst three-month stretch for the economy this year before the country begins what is expected to be a long, bumpy road to a recovery.

That will be especially the case in sectors such as restaurants and hospitality, where people are in close proximity.

 

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