The Globe and Mail reports in its Friday, June 5, edition that a key economic indicator has improved. The Globe's Jason Kirby writes that Statistics Canada reported a second consecutive quarterly decline in gross domestic product, stirring discussions of a "technical recession." Bay Street economists say it's too early to call this downturn a full recession. Real GDP per capita -- or economic output per person -- rose by 0.2 per cent in the first quarter, a gain that received less attention compared with the period between 2021 and 2024, when it was declining. During that time, Canada's growing population boosted overall growth, but stagnant per capita GDP indicated a low-productivity economy and showed that Canadians' living standards were falling behind. There are signs of a reverse trend in Canada, where a shrinking population is impacting economic activity, as noted by Mr. Carney. Per capita GDP may offer a clearer growth picture, but the news that business sector labour productivity declined for the second straight quarter suggests a murky outlook. National Bank economists say, "The Canadian economy remains fragile, but we are not ready to bandy about the 'R' word, at least not yet."