Enjoy the decline, Canada.
It only gets worse from here:
Statistics Canada just released some alarming data showing that the continued travel restrictions in place in Canada (among the strictest in the world), will cost the country approximately 550,000 jobs this year and $37B in lost productivity.
This includes the continued and prolonged closure of the US-Canada land border to all but what is considered essential travel, and the "bubble" in the Atlantic provinces, requiring all Canadian travelers from outside of the region to undergo 14 days quarantine upon arriving.
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The International Monetary Fund released its semi-annual Fiscal Monitor report last week. No surprise: it projects bigger deficits for all countries for 2020.
What is surprising is that Canada will have the distinction of running the largest deficit among all countries — advanced, emerging and developing — at 19.9 per cent of GDP. This even “trumps” the United States, which has the second highest forecast deficit at 18.7 per cent. And it’s almost double the average deficit for Euro area countries (10.1 per cent of GDP).
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Between March and September 2020, the ranks of Canadians who’ve been jobless for more than six months have more than doubled, economists Tammy Schirle and Mikal Skuterud write in a new analysis of labour market data.
The surge in long-term joblessness has now far surpassed what Canada experienced during the downturn triggered by the 2008 financial crisis, when the measure peaked at 37 per cent above its pre-recession level. The joblessness metric includes workers who may not be currently looking for a new job because they’re waiting to be recalled by employers or facing challenges that prevent employment, such as a lack of childcare for working parents during the pandemic.
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