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It's official — Canada's economy is in a recession, C.D. Howe says


kevinUsa

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Canada is officially in a recession that's been caused by the COVID-19 pandemic, the C.D. Howe Institute's Business Cycle Council declared Friday.

The council, which monitors recessions and recoveries in Canada, said the economy peaked in February, just before drastic measures to slow the spread of the coronavirus that causes COVID-19 were implemented across the country.

"Members agreed that by applying the council's methodology to the preliminary data available, Canada entered a recession in the first quarter of 2020," the council said in a statement.

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