Economics
Former G-7 Growth Champ Canada Bound for Mediocrity in 2020
- First-quarter GDP report Friday expected to show broad decline
- Could be start of worst full-year contraction in post-war era
Signs display stay-home orders at Dundas Square in Toronto on May 19, 2020.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Canada’s status as one of the fastest growing Group-of-Seven economies is coming to an end.
First-quarter numbers due Friday will kick off what’s expected to be a historic decline in output this year, with economists predicting Canada’s economy shrank by an annualized 10% in the three months through March, a record.