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The state of Canada’s economy halfway through 2025

That was an intense six months for Canadian businesses, consumers, and policymakers alike.

Not quite the shock and urgency of the pandemic, or the existential peril of the Global Financial Crisis. But it was right up there.

The first half of the year exposed Canada’s economic vulnerabilities. It gave Prime Minister Mark Carney not only an election victory but a wide berth to pursue his promised economic transformation. And we may have even seen the Canada-U.S. relationship fundamentally altered.

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