Canada Growth Falls 9% in March


Canada's GDP plunged 9 percent in March due to travel restrictions and temporary business closures to fight the coronavirus pandemic, dragging down first quarter growth to -2.6 percent, Statistics Canada said Wednesday.

The estimates marked the biggest one-month GDP drop on record (since 1961), but beat analyst forecasts as low as -11.7 percent for the quarter.

On Tuesday, the IMF predicted Canada's economy would plunge -6.2 percent this year, before rebounding 4.2 percent in 2021.

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