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The COVID-19 pandemic had a deep impact on the Canadian economy, leading it into a recession. The government's social distancing rules had the effect of limiting economic activity in the country. Companies started mass layoffs of workers, and Canada's unemployment rate was 13.5 percent in May 2020, the highest it has been since 1976. [1]
The Wilson Center claimed that Canada's productivity challenges were exacerbated by various structural factors which included geographic and climate-related challenges due to the country's vast size and harsh climate conditions affecting transportation and infrastructure, widespread provincial regulations creating interprovincial trade barriers ...
The Canada Recovery Sickness Benefit (CRSB) provides $500 per week (2 weeks maximum) for workers who: (a) "are unable to work for at least 50% of the week because they contracted COVID-19;" (b) "are self-isolated for reasons related to COVID-19;" or (c) "have underlying conditions, are undergoing treatments or have contracted other sicknesses ...
The economy expanded by 0.4% in August, missing estimates, and looked set to show no growth in September, when supply chain issues crimped auto exports and retail sales declined, Statistics Canada ...
Canada’s economy has already showed vulnerability coming out of a period of inflation, causing the country’s central bank to cut interest rates much faster than the Federal Reserve. That gap ...
The COVID-19 pandemic in Canada is part of the ongoing worldwide pandemic of coronavirus disease 2019 . It is caused by severe acute respiratory syndrome coronavirus 2 ( SARS-CoV-2 ). Most cases over the course of the pandemic have been in Ontario , Quebec , British Columbia and Alberta .
The COVID-19 pandemic caused far-reaching economic consequences [1] including the COVID-19 recession, the second largest global recession in recent history, [2] decreased business in the services sector during the COVID-19 lockdowns, [3] the 2020 stock market crash (which included the largest single-week stock market decline since the financial ...
The IMF estimates that without Canada’s COVID-19 economic response, “real output would have declined by an additional 7.8 percentage points in 2020 and the unemployment rate would have been 3.2 percentage points higher.” [13]