Toronto based C D Howe Institute’s Business Cycle Council officially states that the first quarter of 2020 was historic, as the GDP has been dropped in 2.6 %. On March 2020 it was in 9% but as soon as the novel coronavirus infection approached as the pandemic, the economy turned down.
The council decided to declare a recession based on the preliminary data that stated the GDP figures which are extremely unlikely to be significant to alter the recession. Millions of Canadians availed of an emergency fund, which is established by the Government to counter the adverse situation of COVID-19 pandemic.
Government of Canada announced a subsidy programme to support businesses, with the amount of CA$ 252 billion. The government is trying to deal with the looming economic crisis. Prime Minister Justin Trudeau announced that the prime focus is to get through this situation together as a country.