Coronavirus Update: Canada’s GDP declined 11.5 per cent in the second quarter

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Aug. 28: Premier Ford urges school boards to spend quickly on school ventilation; International travel restrictions extended another month

11.5 per cent

in the second quarter ended June 30, according to new data from Statistics Canada – the largest drop on record. Expressed on an annualized basis – a common way of quantifying quarterly GDP changes in normal times – the decline was 38.7 per cent. The U.S., by comparison, recorded a 31.7 per cent drop. A rebound in June and July suggests the economic recovery is underway. Real GDP was up 6.5 per cent in June from May; from June to July, GDP rose 3 per cent, according to a preliminary estimate by Statscan. The July estimate leaves GDP at about 6 per cent below its pre-crisis level in February.

Some sectors, like air travel, tourism and restaurants and bars, are still operating well-below pre-crisis levels. In June, air travel was down 94 per cent from February, and restaurants were operating at 40 per cent below their pre-COVID-19 levels.“It’s going to be a weird year for students returning to high school: There will be new rules, different schedules, and restrictions on sports and theatre and music.

 

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We as a nation could do as well or even better with smaller GDP but shared in fair and just manner. As it is now, an elite of up to 15-20% likely takes over 50% of its value. In fact, this is how we got to this point of gross inequality virus espoused for all to see.

Thankfully we have such experienced and knowledgeable talents leading the country at such a difficult time. I think I’ll have a drink. Or six.

And for what, exactly? We could have simply protected the frail and elderly while we built up immunity in the general population.

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