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What phase of the business cycle is the Canadian and your provincial economy experiencing at the...

What phase of the business cycle is the Canadian and your provincial economy experiencing at the present time? Justify your answer. Which types of industries are hit hardest by a recession? Explain.

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Answer #1

Answer - Currently the economy of Canada is in the phase of expansion . After the relaxation in lockdown, the economic activities have started increasing again and the production process has started. This has led to the movement to economic cycle once again which has remain shut for so long. Hence the economy is in the expansion phase.

Due to very less demand in the phase of pandemic, the lesser income , the hotel industry has suffered a lot. There were no consumer for these industries because of effect of lockdown in order to prevent the infection. Hence the hotel and tourism industry has been harshly hit

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