Canada economy takes record plunge but outlook bright | Malay Mail

Canada’s economy contracted 11.5 per cent, or at an annualised pace of 38.7 per cent, in the three months ending June 30, the government statistical agency said yesterday. — Reuters pic

The economy contracted 11.5 per cent, or at an annualised pace of 38.7 per cent, in the three months ending June 30, the government statistical agency said yesterday. And preliminary data for July forecast a three percent rise in GDP. Economists said this suggests the worst is over for the Canadian economy.

But, he added, “things were looking up by the end of the second quarter” with “solid momentum” continuing into July. Derek Holt, head of Scotiabank Economics, noted that more than half of the three million Canadians who lost their jobs at the start of the pandemic, pushing up the unemployment rate to a peak of 13.9 per cent in May, have since gone back to work as restrictions eased.

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