Unemployment will reach 7.5% by 2010: OECD

Canada will enter a recession in early 2009
|hrreporter.com|Last Updated: 12/10/2008

Canada's unemployment rate will reach seven per cent by 2009 and 7.5 per cent by 2010, according to a report by the Organization for Economic Co-operation and Development (OECD).

Currently, the national unemployment rate is at 6.2 per cent.

The Paris-based organization also predicts Canada's economy will shrink in the current quarter and in the first and second quarters of 2009, which means Canada will be in a recession as defined as two consecutive quarters of GDP contraction.