C.D. Howe senior policy analyst Philippe Bergevin pointed out that the
last three Canadian recessions – 2008-2009, 1990-1992 and 1981-1982 — were all Category 4 events. That’s the most severe since the early 1950s. He said recessions are less frequent than in the 1950s, but they’re also more severe.
Before 2008, Canada experienced two other category 4 recessions, in 1990 and 1981. We also experienced a category 1 in 1980. Canada has suffered two Category 5 recessions – in 1929 and 1937.
However, in hindsight, some say the Great Recession was
not as bad here as it was for other countries. Canada saw far fewer bankruptcies than in previous recessions. In Canada, no major financial institutions required government bailouts, while in Europe, 20 banks in 10 countries failed. The recession was also shorter than elsewhere.
Employment, too, didn’t dip as much as it did around the globe, nor were job losses as severe as they were in previous downturns.