Subhead:Canada’s economic situation is now worse than anticipated, according to the Canadian Chamber of Commerce.#
Canada’s economic situation is now worse than anticipated, according to the Canadian Chamber of Commerce. This contrasts sharply with Cabinet’s previous Economic Statement, which predicted Canada would lead G7 nations in growth this year.
“The economy took a dive,” Andrew Di Capua, economist with the Canadian Chamber, said in a statement. “First quarter GDP growth is tracking below the Bank of Canada’s worst case forecast.”
Statistics Canada reported a 0.2% drop in economic production in February, with declines in home construction (0.9%), oil and gas (2.8%), and coal mining (14.8%). “Further slowdown should be expected,” Di Capua said.
