Canada economy contracted by a record 5.4% in 2020: govt
March 02, 2021 / 6:57 PM
A Hertz Car Rental employee walks between rows of unused rental cars at Toronto Pearson International Airport
Sharjah24 - AFP: Canada's pandemic-hit economy contracted 5.4 percent in 2020, its worst plunge on record, despite a strong rebound in the final three months of the year, the national statistical agency said Tuesday.
But in the fourth quarter of last year, the economy beat expectations by growing 9.6 percent, amid higher government spending to help Canadians weather coronavirus restrictions as well as increased investments in business equipment and housing.