COVID-19 taking its toll on Canada´s economy and insurance industry

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<title>COVID-19 taking its toll on Canada´s economy and insurance industry</title>
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<dateIssued>2020</dateIssued>
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<abstract displayLabel="Summary">Canada´s GDP was 1.7%in 2019 and is expected to contract significantly in 2020. As of June 2020, the International Monetary Fund was forecasting that economic activity would decline by 8.4%. Starting in the first quarter of 2020, the economy suffered the dual shocks of the collapse in commodity prices due to the decline in global demand and the domestic economic shutdown triggered by COVID-19. Second quarter GDP contracted by 38.7%, adding to the 8.2% drop in the first quarter, officially putting the economy into a recession. The contraction is the worst slump in history, but not as dire as the Bank of Canada´s projection of a 43% decline.</abstract>
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