This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada’s provinces.
Provincial Outlook Summary: No Province Spared From Recession
Provincial Outlook Summary: No Province Spared From Recession
Provincial Economic Analysis
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- 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.
- 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.
- 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 economic outlook for next year is much better, with all provinces expected to rebound strongly.
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