In less than two months the economy has declined more than three times as much as during the entire financial crisis
Canadian GDP had its worst one-month drop on record in March, but stark projections for April are fuelling the belief that the worst is yet to come.
RBC senior economist Nathan Janzen called the numbers “jaw-dropping” in a note, and said the 7.2-per-cent loss in March was unprecedented but could have been worse. The hardest-hit sectors — accommodation and food services and arts, entertainment and recreation — are the ones that heavily rely on consumer spending and each plunged by 40 per cent.
But the economy was only locked down for half of March, so the numbers, while bad, may not paint a completely accurate picture. Brown is still projecting that GDP will begin to rise again in May and June — as the economy reopens — but it won’t be enough to stop GDP from free-falling in the second quarter.
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