Worst recession since the depression I probably don’t need to tell anyone in this room that the recent global recession was the worst downturn experienced since the Great Depression. In very short order, global GDP fell more than 3 per cent and millions upon millions of jobs were lost. In Canada, 432,000 jobs were lost and GDP fell 4.2 per cent.
The unemployment rate spiked to 8.7 per cent. The severity of the global economic and financial crisis delivered a direct, sharp blow to Canadian business. Canada experienced a particularly deep contraction of investment and exports. The trauma was severe and long-lasting. Its impact was felt by businesses across the country, businesses that saw their markets dwindle and their balance sheets deteriorate.