Canada’s handling of the COVID-19 crisis has once again proved that the country is the best place to settle in with family. The country’s success in effectively tackling the spread of COVID-19 has resulted in a fast recovery of the Canada’s economy from the impact of the pandemic.
In Canada, the daily number of new cases is only less than 500 and its economy is now growing twice as fast as that of the US. Six largest banks of the country predict that Canada’s economy would be growing at a rate of 36 per cent in the current quarter of the financial year, while the economy of the US is expected to grow at a rate of 20 per cent.
Besides, the economic activity of Canada has also recovered to about 95 per cent of the pre-pandemic levels. This is mainly attributed to the increase in employment, revival of the housing sector as well as credit card spending.
The provinces of Canada had started to re-open their economies as early as in May. The federal government also announced a fiscal support of $300 billion in wage subsidies, income support and more, which laid the foundation for the fast recovery of the economy.
On the contrary, many states in the US are yet to re-open their economies fully as the numbers of COVID-19 cases remain high. While the total number of COVID-19 cases in the US is above 5.5 million, in Canada it is just 123000.
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