Re: Newfoundland Will be the First Domino to Fall: Province is Teetering on Bankruptcy

[Anonymous]

Another indication of just how devastating the pandemic has been on the economic front came from the International Monetary Fund whose latest forecast predicts Canada's economy will shrink by 6.2 per cent this year. That would be more than double the global retraction, which would be the worst year since the Great Depression of the 1930s, the fund said.

[Anonymous]

In the International Monetary Fund's World Economic Outlook on Tuesday, Chief Economist Gita Gopinath projected a negative 3% global growth for 2020, followed by a "partial recovery" of 5.8% growth in 2021 provided countries reopen in the latter half of this year, stressing that global markets were hurtling toward the "worst recession since the Great Depression."



These numbers—a significant departure from January's prediction of economic growth of 3.3%—assume a "baseline scenario" if countries resume normal economic activity, and large-scale financial strains, like widespread firm bankruptcies, can be curtailed.



"A partial recovery is projected for 2021, with above-trend growth rates, but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound," Gopinath said.



Europe and the United States can expect to be particularly hard-hit this year with negative growth rates of 5.8% and 9.1% respectively.



For more than 170 countries, income per capita is expected to reduce.

https://www.forbes.com/sites/marleycoyne/2020/04/14/imf-global-growth-will-drop-3-amid-worst-outlook-since-great-depression/#6ea2fa0e35cf">https://www.forbes.com/sites/marleycoyn ... a2fa0e35cf">https://www.forbes.com/sites/marleycoyne/2020/04/14/imf-global-growth-will-drop-3-amid-worst-outlook-since-great-depression/#6ea2fa0e35cf



No newsflashes here.

[Anonymous]

This global depression we're in is totally man made and totally unnecessary.

[Frood]

What's a little more debt when defaults were guaranteed to happen someday anyway...

[Anonymous]

What's a little more debt when defaults were guaranteed to happen someday anyway...

Before COVID-19, I was more concerned about consumer debt than public debt. Particularly in Canada which has the most indebted population in the OECD. But, as of right now, federally, we are going to run a deficit equal to one quarter of our annual GDP. And we haven't stopped spending yet.

[Frood]

What's a little more debt when defaults were guaranteed to happen someday anyway...

Before COVID-19, I was more concerned about consumer debt than public debt. Particularly in Canada which has the most indebted population in the OECD. But, as of right now, federally, we are going to run a deficit equal to one quarter of our annual GDP. And we haven't stopped spending yet.

Debts aren't designed to be paid back...

[Anonymous]

What's a little more debt when defaults were guaranteed to happen someday anyway...

Before COVID-19, I was more concerned about consumer debt than public debt. Particularly in Canada which has the most indebted population in the OECD. But, as of right now, federally, we are going to run a deficit equal to one quarter of our annual GDP. And we haven't stopped spending yet.

Debts aren't designed to be paid back...

There's a province in Canada, Alberta, that paid down their debt to zero and saved billions each year in interest payments. They are up to their eyeballs in debt like most other jurisdictions in North America.

[Anonymous]

Another indication of just how devastating the pandemic has been on the economic front came from the International Monetary Fund whose latest forecast predicts Canada's economy will shrink by 6.2 per cent this year. That would be more than double the global retraction, which would be the worst year since the Great Depression of the 1930s, the fund said.

There is no future for Canada. I am out of here in three years and ten months. I cannot wait.

[Anonymous]

Statistics Canada for first time ever releases GDP data early — and it's the worst on record

And March may only be the tip of the iceberg



Canada's economy shrank by nine per cent in March, according to a flash estimate published by Statistics Canada on Wednesday.



The decline, StatsCan said, is the most severe since the series first began in 1961. March, as a result would drag down growth for the entire first quarter to -2.6 per cent.

https://business.financialpost.com/news/economy/canadas-march-gdp-shrinks-a-record-9-from-february-statscan-flash-estimate">https://business.financialpost.com/news ... h-estimate">https://business.financialpost.com/news/economy/canadas-march-gdp-shrinks-a-record-9-from-february-statscan-flash-estimate



And the entire country was not locked down until about March 10. Expect more of the same for April.

[@realAzhyaAryola]

This global depression we're in is totally man made and totally unnecessary.

True. Let's hope it improves soon after businesses open slowly.

[Anonymous]

Statistics Canada for first time ever releases GDP data early — and it's the worst on record

And March may only be the tip of the iceberg



Canada's economy shrank by nine per cent in March, according to a flash estimate published by Statistics Canada on Wednesday.



The decline, StatsCan said, is the most severe since the series first began in 1961. March, as a result would drag down growth for the entire first quarter to -2.6 per cent.

https://business.financialpost.com/news/economy/canadas-march-gdp-shrinks-a-record-9-from-february-statscan-flash-estimate">https://business.financialpost.com/news ... h-estimate">https://business.financialpost.com/news/economy/canadas-march-gdp-shrinks-a-record-9-from-february-statscan-flash-estimate



And the entire country was not locked down until about March 10. Expect more of the same for April.

I read too that this depression will hit Canada harder than most countries.

[Anonymous]

Statistics Canada for first time ever releases GDP data early — and it's the worst on record

And March may only be the tip of the iceberg



Canada's economy shrank by nine per cent in March, according to a flash estimate published by Statistics Canada on Wednesday.



The decline, StatsCan said, is the most severe since the series first began in 1961. March, as a result would drag down growth for the entire first quarter to -2.6 per cent.

https://business.financialpost.com/news/economy/canadas-march-gdp-shrinks-a-record-9-from-february-statscan-flash-estimate">https://business.financialpost.com/news ... h-estimate">https://business.financialpost.com/news/economy/canadas-march-gdp-shrinks-a-record-9-from-february-statscan-flash-estimate



And the entire country was not locked down until about March 10. Expect more of the same for April.

I read too that this depression will hit Canada harder than most countries.

Justine put a big closed sign on this country when it came to foreign investment in the energy sector. Now we are paying the price for his ideological stupidity.

[Anonymous]

The Canadian economy could contract between fifteen and thirty percent in the second quarter.

[Gaon]

The Canadian economy could contract between fifteen and thirty percent in the second quarter.

That will result in thousands of lives lost and a burden on hospitals.

[Anonymous]

The Canadian economy is shrinking about two per cent a week. That number will only get worse.