The not-so-Great Recession

Recent economic crisis milder in Canada than in previous years: StatsCan

The economic crisis that began at the end of 2008 has been dubbed the "Great Recession."

But as global economies went into freefall, Canada experienced only a minor drop in gross domestic product (GDP) and employment compared to previous recessions, according to Statistics Canada.

Over three quarters, from the fall of 2008 to the summer of 2009, Canada saw a 3.3-per-cent drop in GDP.

But this was mild compared to earlier recessions, such as the 4.9-per-cent GDP drop over six quarters in 1981-1982 and the 3.4-per-cent drop over four quarters in 1991-1992

And job losses were significantly smaller, with a 1.8-per-cent drop in employment, compared with 3.2 per cent in the early 1990s and five per cent in the early 1980s.

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