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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.
The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. [1][2][3][4] Within seven months, every advanced economy had fallen to recession. [5 ...
Top 30 weeks with most deaths. Of the 30 weeks, 15 occurred in 2020, 5 in 2021, and 10 in 2022. 8 instances were recorded in January, 6 in April, 5 each in May and December, 4 in February, and 2 in November. Canada. April 26-May 2, 2020. 1,317. December 20-26, 2020.
List of Recessions in Canada [2] Name Start End The Great Depression: April 1929 ... Great Recession: October 2008 May 2009 COVID-19 recession: February 2020 2021
The National Bureau of Economic Research declared the end of this recession over a year after the end date. [79] The Dow Jones Industrial Average finally reached its lowest point on March 9, 2009. [80] COVID-19 recession: February 2020 – April 2020 [81] [82] [83] 2 months 10 years 8 months 14.7% (April 2020) [84] −19.2% [85]
Royal assent. March 25, 2020. Status: Current legislation. The Government of Canada introduced multiple temporary social security and financial aid programs in response to the economic impacts of the COVID-19 pandemic in Canada. The initial CA$ 82-billion aid package was announced on March 18, 2020 by Justin Trudeau.
The ILO estimates global unemployment to rise between 5.3 million ("low" scenario) and 24.7 million ("high" scenario) from a base level of 188 million in 2019 as a result of COVID-19's impact on global GDP growth. By comparison, global unemployment went up by 22 million during the Great Recession.
The COVID-19 pandemic in Canada is part of the ongoing worldwide pandemic of coronavirus disease 2019 (COVID-19). 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.