Canada officially enters a recession today, though data shows the economy has been shrinking since 2022. Q2 GDP fell 1.6%, unemployment has been rising, and per capita GDP is below pre-pandemic levels. Population growth masked the decline until now. Retail sales are down, the Canadian dollar remains volatile, and interest rate cuts may not revive spending. Even banks admit Canada’s been in a long-term economic slump.
Canada’s Recession Was Covered Up — Until Now
