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Canadian economy posts worst showing on record in 2020

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The Canadian Press

Posted March 2, 2021 8:47 am

Updated March 2, 2021 9:04 am

Freeland says consultations launched to help rebuild Canada’s economy post-COVID-19

Canadian Deputy Prime Minister Chrystia Freeland on Monday said the federal government is launching consultations to help “inform and guide” the country’s economic growth plan. Freeland outlined the need to rebuild Canada’s economy even stronger than before the coronavirus pandemic, and added this task must be done for it to be “more innovative and more competitive than ever,” especially since the pandemic has “exposed critical gaps” in Canada’s social safety net.
– Jan 25, 2021

The Canadian economy posted its worst showing on record in 2020 as the COVID-19 pandemic swept across the country shutting down businesses and putting people out of work.

Statistics Canada says real gross domestic product shrank 5.4 per cent in 2020, the steepest annual decline since comparable data was first recorded in 1961.

The drop for the year was due to the shutdown of large swaths of the economy in March and April during the first wave of the COVID-19 pandemic that crushed the economy.

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Since then, economic activity has slowly and steadily grown.

Statistics Canada says the economy grew at an annualized rate of 9.6 per cent in the fourth quarter of last year, down from an annualized growth rate of 40.6 per cent in the third quarter.

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That was higher than expected, with financial data firm Refinitiv’s average economist estimate at 7.5 per cent.

© 2021 The Canadian Press

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