“We should not be tricked into complacency that so far the recovery looks fine,” Donald said in an interview. “Those who have been unemployed have now been unemployed for much longer than they were in April. Companies that have been hanging on by a thread have less thread to hang onto.”
The second quarter was the worst on record for Canada’s economy, which contracted 38.7 per cent on an annualized basis as businesses shut down in March and April to contain the spread of the virus. Economists project 35 per cent growth in the third quarter because most industries are now operating at closer to normal capacity.
Income from foreign visitors to Canada fell 62 per cent to $13.6 billion in the second quarter of 2020 compared with the same period last year, according to data from Statistics Canada.“Canada likely has a little bit more time than the United States because there’s just more fiscal support in Canada than there is in the U.S. right now, and the Canadian economy is slightly less services-based than the U.S. economy.
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