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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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Freeland and Carney Emerge as Front-Runners in Liberal Leadership Race


The race to succeed Prime Minister Justin Trudeau has intensified as Chrystia Freeland and Mark Carney gain significant support from Liberal MPs. Freeland, the former finance minister and deputy prime minister, and Carney, the former governor of the Bank of Canada and Bank of England, are seen as the leading contenders to take over the Liberal leadership.

Freeland, who resigned from her cabinet position last month, has been a prominent figure in Canadian politics, known for her strong economic policies and international diplomacy. Carney, on the other hand, is viewed as an outsider who could bring a fresh perspective to the party, with his extensive experience in global finance and his roots in Alberta.

The Liberal Party is set to announce its new leader on March 9, and the competition is expected to be fierce. With the backing of more than 30 MPs, both Freeland and Carney are well-positioned to lead the party into the next federal election.

The outcome of this leadership race will shape the future of the Liberal Party and its approach to key issues facing Canada. As the contenders continue to rally support, the political landscape in Canada remains dynamic and unpredictable.



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