03:41 GMT28 February 2020
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    Canada has slumped into a technical recession this year, following the sharp decline in global oil prices, Canada's national statistical agency stated in a report Tuesday.

    MOSCOW (Sputnik) — The Canadian economy contracted at an annualized rate of 0.5 percent in the second quarter of 2015, a report by Statistics Canada has shown.

    Global oil prices have significantly dropped compared to those seen in the summer of 2014, falling from $100 to some $45 per barrel of Brent crude, primarily as a result of worldwide oversupply.

    According to the report, the Bank of Canada failed to predict the impact the weakened oil prices would have on the country's economy.

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    oil prices, economy, recession, Statistics Canada, Canada
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