TORONTO—The C.D. Howe Institute Business Cycle Council has determined authoritative dates for the onset of the 2008/2009 recession in Canada and the subsequent resumption of economic growth.
The Council determined that the recession started in November 2008 and lasted seven months until May 2009.
“Pinpointing key turning points in the economy is of vital importance for businesses, consumers and policymakers,” noted Philippe Bergevin, Chairman of the Council, “Particularly since our research shows recessions have become less frequent, but more severe events.”
The council says the past three recessions were the most severe since the mid-20th Century.
The Institute created the Business Cycle Council to act as an arbiter of business cycle dates in Canada, a role formerly performed by Statistics Canada.
It comprises a panel of expert business and academic macroeconomists and economic historians. The Council defines a recession as a pronounced, pervasive and persistent decline in aggregate economic activity, typically resulting in a cumulative decline over adjacent quarters.