Canadian economy heading for recession: banks

An oil refinery in Edmonton, Canada, June 17, 2015The Canadian economy is likely headed for recession, two major banks said Thursday, predicting a successive contraction in the second quarter. Canada, the world’s fifth-biggest oil producer, has been hard hit by tumbling global oil prices and its economy shrank 0.6 percent at an annualized rate in the first quarter. A recession is defined as two consecutive quarters of contraction.

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