Revised on 28 July 2020, 8:35 a.m.
(Disponible en français : L’économie canadienne dans la tourmente)
Over its history, Canada’s economy has been affected by major international and domestic events such as financial crises, pandemics, international conflicts and environmental incidents. For example, in 1907 a credit crisis began in the United States, spread to Canada and caused a significant contraction of gross domestic product (GDP). Now, the COVID-19 pandemic may result in an even larger recession in 2020.
The infographic below shows the growth of the Canadian economy from 1900 to the present. Certain important events that affected Canada over various periods of time are also indicated.
Note that different measurements were used to portray the changes in GDP between 1900 and 2019. These methodologies vary across the three periods of 1900–1925, 1926–1962 and 1962–2019. In addition, the projections for Canadian economic growth in 2020 are affected by the uncertainty stemming from the COVID-19 pandemic. These projections are calculated using forecasts from the Royal Bank of Canada (RBC), the Toronto-Dominion Bank (TD), Scotiabank and the Office of the Parliamentary Budget Officer (PBO).
Authors: Emmanuel Preville and Corentin Bialais, Library of Parliament
Categories: COVID-19, Economics and finance, Health and safety