Economists say there is no doubt that Canada is experiencing a recession, but the exact criteria determining one is underway can be fraught with confusion. Broadly speaking, a recession is a period of business contraction where economic activity declines. "This is definitely a recession and a big one," said Avery Shenfeld, an economist at the Canadian Imperial Bank of Commerce. 1:53The V-shape refers to a sharp but brief period of economic decline that is followed by a quick rebound. "I think it was Jim Stanford, [a Canadian economist and director of the Centre for Future Work in Australia], who referred to ... a Loch Ness monster-shaped recession, and I like that."

Source: CBC News August 29, 2020 00:27 UTC