A forecast from the Canadian Federation of Independent Business estimates the economy saw muted growth in the first three months of the year and predicts a significant contraction for the second quarter.
The report estimates the Canadian economy grew at an annualized rate of 0.8 percent in the first quarter of the year.
However, it forecasts the economy will contract at an annualized rate of 5.6 percent in the second quarter.
The report, based on the CFIB’s most recent monthly business barometer data, says the drop comes from a historically low long-term business sentiment in the context of the trade war with the United States….