economic commentary

June 30, 2020 - Covid19 Economic Impact Felt Early in Q2

April marked the low point in terms of the devastating impact that COVID19 had on the global economy. Economic activity ground to a halt and job losses skyrocketed, pushing the world economy into a swift and deep recession of unprecedented magnitude. Canadian GDP declined 7.5% in March and 11.6% in April, putting the year-over-year drop at 17.1%. Manufacturing indices in most countries around the world dropped below the important midpoint level of 50, signifying a dramatic contraction in economic activity.

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