List of recessions in Canada
Although Canada's economy is closely linked to the United States' economy, Canadian and American recessions do not always coincide. A recession is generally defined as two successive quarters of negative economic growth.[1]
| Name | Start | End | Cause |
|---|---|---|---|
| The Great Depression | April 1929 | February 1933 | Wall Street crash of 1929; collapse in global commodity prices; Prairie drought; U.S. Smoot–Hawley Tariff Act |
| Recession of 1937–1938 | November 1937 | June 1938[3] | Premature withdrawal of U.S. New Deal fiscal stimulus; renewed Prairie drought |
| Recession of 1949 | August 1947 | March 1948 | Post-World War II economic readjustment as wartime production wound down |
| Recession of 1951 | April 1951 | December 1951 | Korean War economic cycle; inflationary pressures prompted monetary tightening |
| Recession of 1953 | July 1953 | July 1954 | End of Korean War cut defence spending; U.S. slowdown reduced export demand |
| Recession of 1958 | March 1957 | January 1958 | U.S. recession reduced demand for Canadian exports; drop in business investment |
| Recession of 1960–1961 | March 1960 | March 1961 | Tight monetary policy; U.S. recession dampened Canadian export demand |
| 1973–1975 recession | October 1974 | March 1975 | 1973 oil crisis following the Yom Kippur War; resulting stagflation |
| Early 1980s recession in the United States | June 1981 | October 1982 | Bank of Canada interest rate hikes to fight inflation (Volcker shock); 1979 energy crisis |
| Early 1990s recession | March 1990 | May 1992 | Bank of Canada tightening raised interest rates and the dollar; manufacturing losses following the Canada–U.S. FTA (1989) |
| Great Recession | October 2008 | May 2009 | Financial crisis of 2007–2008 originating in U.S. housing and banking sectors |
| 2015 Technical Recession | April 2015 | September 2015 | Global oil price collapse from mid-2014 due to oversupply; severe contraction in Alberta's energy sector |
| COVID-19 recession | February 2020 | 2021 | COVID-19 pandemic in Canada; lockdowns, travel restrictions, and supply chain disruptions |
See also
[edit]Notes
[edit]References
[edit]- ↑ "Business Cycle Council Methodology". C.D. Howe Institute. 23 December 2017. Retrieved 19 December 2023.
- ↑ "BUSINESS CYCLE COUNCIL". C.D. Howe Institute. 24 August 2021. Retrieved 19 December 2023.
- ↑ Chambers, EJ (1955). "The 1937–8 Recession in Canada". Canadian Journal of Economics and Political Science. 21 (3): 293–308.
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