Canada’s Great Recession Wasn’t That Bad After All: Statistics Canada

(CBC News – The Canadian Press)

It’s been called the Great Recession by many around the globe. But Statistics Canada says the economic meltdown that devastated the economies of dozens of countries large and small in 2008 and 2009 left Canada relatively unscathed.

According to the federal agency, Canada did suffer through a technical recession – a 3.3% drop in gross domestic product over three quarters between the fall of 2008 and the summer of 2009. But that was shorter and milder than Canada’s previous two recessions. For example, the 1981-82 slump saw GDP fall 4.9% over six quarters, while the 1991-92 downturn resulted in a 3.4% fall-off in output over four quarters.

Recessions are mostly felt by those who lose their jobs, and on this measure the latest downturn was especially mild. Statistics Canada says employment fell just 1.8% in the recent recession, compared with 3.2% in 1991-92 and 5% in 1981-82.