Further drops expected as impact of CCP Coronavirus causes further damage.
Canada has experienced the largest one-month GDP drop in history.
The economy contracted 9% in March, as CCP Coronavirus lockdowns devastated economic activity.
There has never been a drop that big in a one month period, not even during the Great Recession or Great Depression.
This news comes as the IMF is projecting a 6.2% drop in Canadian GDP this year, a dramatic change from the previous forecast of 1.8% growth.
Overall, the global economy is expected to shrink by 3% in 2020:
“It is very likely that this year the global economy will experience its worst recession since the Great Depression surpassing that seen during the global financial crisis a decade ago,” said the IMF.
They add, “The Great Lockdown, as one might call it, is projected to shrink global growth dramatically. A partial recovery is projected for 2021, with above trend growth rates, but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound.”
Spencer Fernando
