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Introduction
The Canadian economy shrank by 8.2% in the first quarter
of 2020, the worst decline since the 2008 financial crisis,
marking what is expected to be the worst recession in a
century. Whilst these figures make for gloomy headlines,
the 8.2% contraction is actually a better showing than had
been anticipated with many economists predicting a 10%
reduction in GDP. There are even signs of a recovery – a
spokesperson at Canadian Imperial Bank of Commerce
stated in a report to investors that: “Overall, the economy
has likely troughed at least for now, with businesses
beginning to reopen. Look for the economic data to begin
showing signs of revival over the summer months, even if it
only represents the low-hanging fruit of eased restrictions.”
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