The world’s eighth largest economy shrank at a 5.4 percent annualized pace in the first quarter, Statistics Canada said June 1, the most since 1991. Gross domestic product will shrink 3 percent this year, the central bank predicts. That would be the biggest drop since 1933, according to Statistics Canada.
The U.S. economy shrank at a 5.7 percent annual pace in the first quarter.
What is interesting, most reports on Canada is tout stability, banking sound, weathering out the crisis well and in economic recovery.
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