This is a recession in the 21st century
July 30, 2015
The past few weeks we’ve seen the dollar sink, the Bank of Canada’s rate drop to .50%, and not-so-great economic reports over the last two quarters have been released. And with all this comes discussion that Canada is going through a (whisper) recession.
According to the definition of a recession — a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters – that’s what we’re experiencing. However, this seems to be a very different downturn than previous recessions. And because the definition puts us squarely in one, it doesn’t mean that the country is slipping into serious economic trouble.
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