Banks Say Canada Could Be First to Return to Recession

It appears that it is no longer a case of “if” the global economy will fall back into recession but “when” and according to some of Canada’s largest banks, it could be Canada that begins the trend.

Following a cut in the projected growth for Canada, the Bank of Nova Scotia today said that Canada could be one of the first major economies to experience two consecutive quarters of negative growth – the technical definition of a recession. The report noted that for the second quarter of the year, growth contracted by 0.4 percent and the latest projection for the third quarter suggests that, at best, no change in growth will be recorded for the three months ending September.

Source: CBC News

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