Canadian economy contracts for second straight quarter, fueling recession debate
By
Mark Rendell, Marieke Walsh
Crackling crust, pillowy middle. The kind of bagel that earns a second cup of coffee.
Summary
Canada's economy contracted for two consecutive quarters (Q4 2023 and Q1 2024), sparking debate about whether the country is in a recession. Opposition leader Pierre Poilievre has seized on the data to call for an emergency debate on what he terms the 'Liberal recession,' while economists urge caution about making a definitive call. Statistics Canada reported a 0.1% annualized contraction in Q1 following a 1% decline in Q4, meeting the informal definition of a technical recession, though official determination requires more comprehensive analysis.
Key quotes
· 3 pulledTwo consecutive quarters of falling GDP is sometimes called a 'technical recession'
Poilievre sent Carney a letter on Sunday demanding an emergency debate in Parliament on what he called the 'Liberal recession'
A back-to-back contraction in the Canadian economy has sparked a debate in Ottawa and on Bay Street about whether the country is in a recession
You might also wanna read
Humber hydrogen network campaign seeks £500m in UK government funding
Industry leaders, trade unions, and politicians held a parliamentary meeting to campaign for £500m in government funding to establish the Hu
bbc.com·1h ago
Economic Fragility: How Tariffs and Oil Costs Are Reshaping American Power
This article analyzes how economic pressures—specifically tariffs and rising oil costs—are reshaping American power and influence. Using the
warontherocks.com·3h ago
Liberal Democrats call for UK-EU Customs Union to boost economic growth
The Liberal Democrats are advocating for a new UK-EU Customs Union to boost Britain's economy by removing trade barriers and reducing red ta
libdems.org.uk·4h ago
Rachel Reeves considers reviving PFI model to fund Labour's new towns infrastructure plans
Rachel Reeves is considering reviving Tony Blair-era Private Finance Initiatives (PFIs) to fund Labour's new towns and major infrastructure
telegraph.co.uk·4h ago
Wes Streeting calls for employer NI cuts and North Sea drilling to boost youth employment
Wes Streeting, a former health secretary and potential Labour leadership candidate, has called for targeted reductions in employers' nationa
theguardian.com·4h ago
Miljardenplan voor verduurzaming chemiereus Dow in Terneuzen definitief gestrand
De Nederlandse overheid had een historisch bedrag van maximaal 3,6 miljard euro klaarliggen om chemiereus Dow in Terneuzen te ondersteunen b
buff.ly·5h ago