800 companies applied for bankruptcy in Canada in January

Ahmedabad: Many countries of the world including Britain are currently in the grip of recession and now Canada is also in danger of falling into recession. The economic condition of Canada, which has raised its eyes against India, is bad. After a sharp increase in the number of companies filing for bankruptcy in the calendar year 2023, the number of companies filing for bankruptcy has increased at a rocket pace in the new year. In January alone, more than 800 companies filed for bankruptcy in Canada.

Earlier in 2023, there was an increase of about 40 percent in bankruptcy filings in the country. The number of companies currently filing for bankruptcy is the highest in 13 years. During the Corona period, companies were given an interest-free loan of $45,000, the deadline for payment of which ended in January. Small businesses account for approximately 33 percent of Canada's GDP. Seeing this, it is feared that Canada is moving towards recession.

According to Canadian government data, the country's economy is strong, but small businesses and many consumers are struggling. Canada's economy is expected to grow 0.3 percent in December. There has been a decline of 1.1 percent in the country's GDP in the third quarter. A decline in the economy for two consecutive quarters is called a recession. Looked at this way, Canada is currently out of recession, but January's poor economic data is raising fears of another recession.

At present, 8 countries of the world including Britain are stuck in recession. Apart from Britain, these include Denmark, Estonia, Finland, Luxembourg, Moldova, Peru and Ireland. Interestingly, six of these countries are from Europe. There is no country from Africa and North America in this list. Japan has escaped recession. Many other countries including Germany and Canada are also at risk of recession.

Let us tell you here that Canadian President Justin Todo had last year accused India of having a hand in the murder of Khalistan terrorist Hardeep Singh Nijjar. After this the tension between the two countries has increased significantly. Both countries expelled each other's top diplomats.