Despite economic crash, savings surge as consumer confidence hits 3-year high Gloomy headlines about the collapse of the Canadian economy, which faced its worst retreat since records began, may have obscured some startling new evidence for a strong rebound. As we reported on Tuesday, the impact of the COVID-19 pandemic put Canada’s economy into a tailspin, making 2020 the worst year on record, with gross domestic product declining by 5.4 per cent. But other data out this week, including some buried amidst those latest bleak GDP numbers, tells a different story. It shows that high levels of savings and government income support have bolstered the economic well-being of households — notably among the youngest groups and those with lower incomes. At the same time, one fresh measure of consumer confidence shows Canadians more willing to go out and spend than at any time since 2018.