Canada records worst economy ever: What you need to know

Picture courtesy : Reuters

The second-largest country in the world, Canada recorded its worst-ever year in terms of economy as per the reports released on Tuesday. The GDP of Canada plunged 5.4 percent in 2020. This is the direct result of the first wave of COVID-19 in the first half of 2020, which resulted in millions of Canadians losing their jobs. Although the GDP grew by 2.3 percent in the last quarter of 2020, it was not enough to match up to the offset it experienced initially. Canada’s economy shrank almost twice as much as compared to the US although the former had far fewer cases of coronavirus. Statistics Canada said that for January 2021 they expect growth of about 0.5 percent, considering there is growth in trade, manufacturing, and construction sectors. However, the retails sector still falls behind compared to others.