The Royal Bank of Canada figures that, between the Covid-19 pandemic and the engineered collapse in world oil prices, recession is in our near future.
The bank is predicting Canada's economy will grow at an annualized pace of 0.8 per cent in the first quarter, but then contract in the second and third quarters of the year.
RBC is forecasting an annualized decline of 2.5 per cent in the second quarter and 0.8 per cent in the third quarter.
Its forecast is based on an assumption that the impact of the virus will run its course by the end of the first half of the year, but an economic recovery will be prevented by persistent low oil prices.
RBC expects the economy will pick up in the fourth quarter.