Global Markets: Canadian economy shrinks, but in recovery

WINNIPEG, March 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada announced both bad news and good news on Tuesday. Canada’s economy contracted by 5.4 per cent in 2020, which made it the worst documented year for the country’s economic output. Despite the gloomy numbers, Canada’s gross domestic product (GDP) increased by 2.3 per cent from October to December and the economy grew by an annualized rate of 9.6 per cent over the same time period, but it failed in comparison to the 40.6 per cent seen over the third quarter. Canada’s economy contracted almost twice as much as the United States during the COVID-19 pandemic.

– Canada’s National Advisory Commission on Immunization has recommended seniors not take the AstraZeneca COVID-19 vaccine, which was approved by Health Canada last week. While Health Canada stated that the vaccine has shown no safety concerns for seniors, it also acknowledged “the results were too limited to allow a reliable estimate of vaccine efficacy in individuals 65 years of age and older.” However, Health Canada also said it will still collect data from ongoing clinical trials.

– The U.S. government has announced sanctions against of Russian officials and businesses on Tuesday, due to the poisoning and jailing of opposition leader Alexei Navalny. The sanctions will affect unnamed Russian officials as well as 14 businesses and an enterprise, most of which were involved with manufacturing chemical and biological agents. The U.S. joins the European Union in implementing sanctions against Russia.

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