Canadian economy posted its worst showing on record in 2020

CTV News shows that the Canadian economy unfortunately posted its worst showing on record in 2020 as the COVID-19 global pandemic continues. Many businesses were shut down and millions of workers were certainly put out of work.

Statistics Canada says real gross domestic product shrank 5.4 per cent in 2020, the steepest annual decline since important comparable data was first recorded in 1961.

The Canadian economy goes through second-wave restrictions (some think better than anticipated). Many Canadians are optimistic for something similar to a so-called V-shaped economic recovery. The global Coronavirus Covid-19 pandemic certainly has hurt Canada GDP. Canada's unemployment rate increased because of coronavirus.

Canada's economy in the world is interesting. Canada is the world's 10th-largest economy as of 2018, with a nominal GDP of approximately US$1.73 trillion. Canada experiences a relatively low level of income disparity. The Toronto Stock Exchange is the 9th-largest major stock exchange in the world by market capitalization, listing over 1,500 companies with a large combined market capitalization of over US$2 trillion.