Canadian economy to take massive hit from COVID-19 and oil — will see largest contraction since 1921

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The great lockdown of 2020 to slow the spread of COVID-19 has pushed the world’s economies into a crisis “like no other,” the International Monetary Fund warned Tuesday in a sombre report that predicts the largest economic contraction in Canada since 1921. It is “very likely” the global economy in 2020 will suffer its worst recession since the Great Depression, the decade-long downturn that followed the 1929 stock market crash in the U.S., IMF chief economist Gita Gopinath said in a foreword to the fund’s latest half-yearly forecast.