E The IMF’s Global Economic Projections Are Discouraging, Perhaps Too Optimistic

Canada fares far worse than the US in the two-year projections. The US economy is projected to decline 5.9% this year and to recover by 4.7% next year. The Canadian economy is projected to decline 6.2% in 2020 and rebound by 4.2% IN 2021.

Since the pandemic started, the damage to Canada’s economy and its labour market has been brutal. Canadian employment declined by about three million in March and April. And in April a further 2.5 million workers were employed but worked less than half of their usual hours. 

Thus, in Canada’s case, the newly unemployed and under-employed because of the lock down add up to about 5.5 million, or more than one-quarter of February's employment level. 




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