Although Canada's economy is closely linked to the United States' economy, Canadian and American recessions do not always coincide. A recession is generally defined as two successive quarters of negative economic growth.
+List of Recessions in CanadaNameStartEndCauseThe Great DepressionApril 1929February 1933Wall Street crash of 1929; collapse in global commodity prices; Prairie drought; U.S. Smoot–Hawley Tariff ActRecession of 1937–1938November 1937June 1938Premature withdrawal of U.S. New Deal fiscal stimulus; renewed Prairie droughtRecession of 1949August 1947March 1948Post-World War II economic readjustment as wartime production wound downRecession of 1951April 1951December 1951Korean War economic cycle; inflationary pressures prompted monetary tighteningRecession of 1953July 1953July 1954End of Korean War cut defence spending; U.S. slowdown reduced export demandRecession of 1958March 1957January 1958U.S. recession reduced demand for Canadian exports; drop in business investmentRecession of 1960–1961March 1960March 1961Tight monetary policy; U.S. recession dampened Canadian export demand1973–1975 recessionOctober 1974March 19751973 oil crisis following the Yom Kippur War; resulting stagflationEarly 1980s recession in the United StatesJune 1981October 1982Bank of Canada interest rate hikes to fight inflation (Volcker shock); 1979 energy crisisEarly 1990s recessionMarch 1990May 1992Bank of Canada tightening raised interest rates and the dollar; manufacturing losses following the Canada–U.S. FTA (1989)Great RecessionOctober 2008May 2009Financial crisis of 2007–2008 originating in U.S. housing and banking sectors2015 Technical RecessionApril 2015September 2015Global oil price collapse from mid-2014 due to oversupply; severe contraction in Alberta's energy sectorCOVID-19 recessionFebruary 20202021COVID-19 pandemic in Canada; lockdowns, travel restrictions, and supply chain disruptions
See also Economic history of Canada List of recessions in the United Kingdom List of recessions in the United States
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