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OTTAWA — Where’s the recession?

Like finding Waldo, a lot depends on who’s doing the looking and what they’re looking for. Some can see “red” across the board. For others, nothing seems to jump out and catch their eye — game over.

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Canada is getting clocked, in the oil sector and beyond, says this Citibank strategist,





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Since the start of 2015, Canada’s economy has been in a “now-you-see it, now-maybe-you-don’t” recession pattern, with seemingly contradictory data from one week to the next.

Fueled by the speed and depth of the plunge in oil prices, the country’s overall output — as well as government energy revenue — has been levelled, something few could have foreseen even a year ago.

Sure, North America was hit early on by worse-than-usual winter conditions. The United States also had to deal with the impact of labour disruptions at its major West Coast port facilities. But that was just for starters.