According to Statistics Canada, real GDP for Canada declined by 2.1% in the first quarter of 2020 and fell by 11.5% in the second quarter of 2020.The second quarter decline was the steepest since quarterly data were first recorded in 1961.

Based on what you know about the calculation of GDP for a country, discuss the impact of the COVID-19 pandemic on real GDP in Canada in the first two quarters of 2020. Present and explain at least 4 reasons why the real GDP in Canada decreased so much in the first half of 2020 (4 marks).

Please refer to at least 2 external sources (websites, research papers, newspaper articles, etc.) to answer this question.. (2 marks)