Ottawa
Canada’s gross domestic product shrank 5.4 percent in 2020, the worst year for the country’s economy since the economic record keeping began in 1961, according to Statistics Canada on Wednesday.
The country’s worst economic output was due to the first wave of COVID-19 which swept across the country, shutting down businesses and causing millions of people out of work in March and April of 2020.
Canada’s gross domestic product, including the total value of all goods and services it produced, grew by 2.3 percent in the last quarter of 2020, but that was nowhere near enough to offset the record-setting plunge it experienced during the first wave.—Xinhua
