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By 2024, Canada experienced a significant economic divergence from the United States, marking a departure from decades of parallel growth. This shift became particularly pronounced after 2022, with Canada's per-capita national income falling to approximately 70% of U.S. levels, down from 80% just five years earlier.
The COVID-19 pandemic had a deep impact on the Canadian economy, leading it into a recession. The government's social distancing rules had the effect of limiting economic activity in the country. Companies started mass layoffs of workers, and Canada's unemployment rate was 13.5 percent in May 2020, the highest it has been since 1976. [1]
From 2003 to 2018, Canada saw an increase in home and property prices of up to 337% in some cities. [2] In 2016, the OECD warned that Canada's financial stability was at risk due to elevated housing prices, investment and household debt. [3] By 2018, home-owning costs were above 1990 levels when Canada saw its last housing bubble burst. [4]
But productivity ticked up at the end of last year, rising at a 2.7% rate in the fourth quarter of 2023, above a 20-year average. Worker productivity can turbocharge the U.S. economy
Elon Musk reposted a meme that mocks Bill Clinton's claim in 2000 that the US could be 'debt-free' within 10 years — national debt now stands at $34T, Musk warns it will 'soon exceed $100T'
After significant gains post-election day, the S&P 500 has been relatively flat. Learn More: Here’s What Could Happen to Your Money in Trump’s First 40 Days in Office
Panic of 1847, started as a collapse of British financial markets associated with the end of the 1840s railway industry boom; Panic of 1857, a U.S. recession with bank failures; Indian economic crash of 1865; Panic of 1866, was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London
Since the Great Depression, there have been 14 recessions, which are part of the normal economic cycle. Economists keep waffling on whether or not the U.S. is going to head into one in 2024 after ...