Canada entered into what many experts would call a technical recession after it reported two consecutive quarters of contraction in economic growth. Statistics Canada said real gross domestic product fell 0.1 per cent on an annualized basis in the first three months of this year. That comes after a downwardly revised contraction of one per cent in the fourth quarter of 2025.
The last time Canada was in a technical recession was during the start of the pandemic in 2020. Before that, it was during the oil shock at the beginning of 2015.
