Provincial Outlook Summary Spring 2020

Measures in place to slow the spread of COVID‑19 have brought the Canadian economy to its knees. Canada is in the midst of an economic crisis unlike anything that most of us alive today have ever experienced.

Contents of the Spring 2020 summary:

  • Unprecedented decline in economic activity
  • No province will be spared from recession
  • Alberta will be hardest hit due to pandemic restritions combined with the drop in demand for oil
  • Canadian economy in for strong rebound next year

Key findings

Canada is in the midst of its worst economic downturn in decades, with real GDP expected to decline by 4.3 per cent this year.

Alberta will be hardest hit this year as it contends with the combination of restrictions on activity to slow the spread of the virus and an unprecedented drop in the price and demand for oil.

The arrival of the COVID-19 pandemic has devastated the economic outlook for all provinces, with significant declines in economic activity right across the country.

The economic outlook for next year is much better, with all provinces expected to rebound strongly.

Individual provincial outlooks

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