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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Canada Temporarily Reduces Embassy Staff in Haiti Amid Security Concerns

 

In response to the escalating security situation in Haiti, Canada has made the decision to temporarily reduce the number of Canadian embassy staff in Port-au-Prince. The move comes as gang violence continues to plague the capital city.

Key Points:

  1. Volatility and Safety Concerns:

    • The volatility of the security situation in Haiti has prompted Global Affairs Canada to take action.
    • The lack of reliable supplies and the need to maintain an effective presence in a challenging environment have led to this staffing adjustment.

  2. Essential Personnel Only:

    • Canada will maintain a skeleton crew of essential personnel at its embassy in Haiti.
    • These relocated staff members will continue to fulfill their duties from a third country, primarily the Dominican Republic.

  3. U.S. Parallel Move:

    • The U.S. also recently reduced its diplomatic presence in Haiti due to heightened gang violence.
    • U.S. Marines escorted a portion of their diplomatic corps out of the country, while some remained to provide additional protection.

  4. Challenges for Evacuation:

    • Approximately 3,000 Canadian citizens are currently in Haiti, mainly in and around Port-au-Prince.
    • Evacuating them poses challenges due to the closure of the main airport, which has been targeted by gangs.

  5. Support and Caution:

    • Despite the staffing reduction, Canada’s embassy will continue to support Canadians in Haiti.
    • The public is advised to shelter in place and respect the curfew.

Canada remains committed to assisting its citizens and maintaining diplomatic engagement, even in the face of security risks.



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