Canada is expected to face a stark economic downturn in 2020, with every single province's economy shrinking by a significant margin.
In a new study conducted by RBC Economics and published by StatsCan, the true damage of the pandemic and subsequent lockdown is revealed through a comparison to the economic growth of 2019.
Alberta is expected to have the toughest 2020. Not only did Alberta suffer from the pandemic, but they also saw a crash in oil prices earlier this year. As a result of this, Alberta's economy is expected to shrink by a devastating -11.2 percent.
Newfoundland and Labrador—whose economy grew by 2 percent in 2019—is facing the second tightest squeeze, with an expected atrophy of -11 percent.
Manitoba's economy, on the other hand, is forecasted to perform more strongly then every other province, with a sobering decline of -4.8 percent.
Canada's two most populous provinces Ontario and Quebec are similarly facing a cruel economic year. Quebec, who grew by 2.8 percent in 2019, is expected to shrink by -7 percent. Ontario, who's economy grew by 1.6 percent in 2019, is facing a squeeze of -6.2 percent.
Projected GDP Growth Per Province:
— Polling Canada (@CanadianPolling) June 9, 2020
(2019 vs 2020 Projected):
MB: 1.1% / -4.8%
BC: 1.9% / -5.1%
NB: 0.7% / -5.6%
NS: 1.3% / -5.9%
ON: 1.6% / -6.2%
QC: 2.8% / -7%
SK: 0.6% / -7.1%
NL: 2% / -11%
AB: 0.3% / -11.2%
(Source Numbers From StatsCan and RBC Economics)
What is noteworthy about these statistics is that there is no clear relationship between a stronger economy and the earlier lifting of the lockdown. Quebec, for instance, who opened their economy far sooner then Ontario, is in a worse economic state.
The federal and provincial governments throughout Canada are starting to lift the lockdown restrictions put in place at the beginning of the pandemic. Despite this, most of Canada's economy still remains in hibernation.
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