This number will give you some idea of just how deep the global recession will be.
From The Guardian:
Canada’s statistics agency has said the country’s economy suffered a decline of nearly 9% in March – the worst figure ever recorded – as the country battles the coronavirus, Leyland Cecco in Toronto reports.
In a “flash estimate” of the country’s GDP figures released Wednesday morning, Statistics Canada said it hoped to capture the scale and depth of disruption resulting from a lockdown of the nation’s economy. The agency said:
"Even though the basis of calculation is different, in a relative sense, this would be the largest one-month decline in GDP, since the series started in 1961. Overall for the quarter, this flash estimate of GDP leads to an approximate decline of 2.6% for the first quarter of 2020."
While the agency says its March numbers are calculated differently than normal GDP figures, the data nonetheless capture the scope of economic contraction.
The hardest hit sectors have been travel and tourism related, alongside retail, restaurants and entertainment. The health sector, food distribution, online retailing and streaming services all experienced growth.
In recent days, as many as six million Canadians have applied for government aid measures to blunt the effects of the recession. Most Canadians who have lost their jobs are eligible for government assistances totalling $2,000 CAD (1,400 USD) every month for four months.
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| Source: Bloomberg |
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