Canadian economy expected to contract by 8.2%

Conference Board of Canada report said there will be an economic rebound of 6.7 per cent in 2021 and 4.8 per cent in 2022

Canadian economy expected to contract by 8.2%An 8.2 per cent decline in the Canadian economy this year will mark the worst annual contraction on record, says the Conference Board of Canada in a report released on Monday. But the report said there will be an economic rebound of 6.7 per cent in 2021 and 4.8 per cent in 2022. “This rebound is…

Alberta experiencing third recession in the past decade

One-two punch from COVID-related restrictions and the oil price collapse has hit the Alberta economy hard, says TD report

Alberta experiencing third recession in the past decadeAlberta is experiencing its third deep recession in less than a decade, owing to the one-two punch from COVID-related restrictions and the oil price collapse, says a new report released Wednesday by TD Economics. “On a brighter note, recent improvements in oil prices and progress in reopening the economy suggest that the the worst is…

Alberta to experience worst economic recession on record

Real GDP in Alberta will contract 6.8 per cent in 2020, making its economy the worst-hit province in the country this year

Alberta to experience worst economic recession on recordAlberta will have to brace for a historic economic decline this year caused by the COVID-19 crisis and the low oil price environment, says a report by the Conference Board of Canada. “The Great Lockdown has dramatically shifted the economic landscape around the world. But in Canada, the impact has been most severe in Alberta.…

Provincial government deficits to surge amid COVID-19 pandemic

The energy sector tailspin could subtract more than $8 billion (or close to 20 per cent) from revenue in Alberta this year, says RBC report

Provincial government deficits to surge amid COVID-19 pandemicThe COVID-19 pandemic is setting provincial government deficits on course to surge more than six-fold this year to almost $63 billion, says a new report by RBC Economics. "Every province will see a material deterioration in its fiscal position. Still, the impact won’t be the worst provinces have ever experienced (under our most likely scenario).…
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