The Globe and Mail reports in its Friday,, June 5, edition that Statistics Canada reports that real GDP fell by 0.1 per cent annualized in the first quarter, marking the second consecutive quarter of negative growth and raising concerns about Canada's economy. The Globe's contributing columnist Kevin Yin writes that opposition Leader Pierre Poilievre has called for an emergency debate on the government's economic management. However, defining a recession as two quarters of negative growth is not an official measure and may not accurately reflect the economy's state. The Bank of Canada has referred to our current situation only as a "technical" case and warned against overreacting to the label. Even if you like the two-quarter definition as an easy-to-grasp indicator, it is worth knowing what it does not tell us. The definition seems overly pessimistic for current conditions. It reflects growth direction but not its magnitude. A slight pay cut differs significantly from a layoff. In the first quarter of 2026, GDP declined by only 0.036 per cent, practically insignificant and summarized by Statistics Canada as "unchanged." Unemployment has risen slightly but remains close to the historical average of the past 30 years.