Canada's economy shrank the most since the 2008-2009 financial crisis in the first 3 months of the year
Marking the beginning of what's expected to be the deepest contraction of post-war era. On Friday May 29th, the report showed it was broad-based, with households spending falling 9% annualized, the most on record.
Still, the historic decline in the first half of 2020 has been anticipated and the focus is already shifting to how quickly and to what extent the economy will recover. Most economist expect a slow recovery as long as consumers remain hesitant to resume normal activities, at least until a vaccine is available.
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