--- canonical_url: "https://csls.ca/research/the-economic-crisis-through-the-lens-of-economic-wellbeing/" title: "The Economic Crisis through the Lens of Economic Wellbeing" author: name: "CSLS" url: "https://csls.ca/author/cslc/" date_published: "2026-07-02T13:33:08+00:00" date_modified: "2026-07-02T13:33:08+00:00" post_type: "research" summary: "" post_tag: - "Canada" - "economic crisis" - "economic wellbeing" - "GDP shortfall" - "income" - "poverty" - "recession" - "unemployment" - "wealth" country_focus: - "Canada" province_region: - "National" research_theme: - "Economic Well-Being" - "Fiscal Policy" featured_image: "https://csls.ca/wp-content/uploads/2026/07/old-reports_hero_banner_bg.webp" status: "publish" --- # The Economic Crisis through the Lens of Economic Wellbeing Canonical URL: https://csls.ca/research/the-economic-crisis-through-the-lens-of-economic-wellbeing/ # The Economic Crisis through the Lens of Economic Wellbeing [Download full PDF report](https://csls.ca/pdf/csls2009-06.pdf) Cite this report × Cite this report as: Arsenault, Jean-François, and Andrew Sharpe. 2009. “The Economic Crisis through the Lens of Economic Wellbeing.” CSLS Research Report 2009-06. Ottawa: Centre for the Study of Living Standards. https://csls.ca/research/the-economic-crisis-through-the-lens-of-economic-wellbeing/ ## Authors: - Jean-François Arsenault Centre for the Study of Living Standards (CSLS) - Andrew Sharpe Centre for the Study of Living Standards (CSLS) ## Report 2009-06 August 2009 47 pages ## Related research [Closing the First Nations Education Gap in Canada: Assessing Progress and Estimating the Economic Benefits — An Update Centre for the Study of Living Standards (CSLS) February 2023 | Report 2023-01 | 101 pages](https://csls.ca/research/closing-the-first-nations-education-gap-in-canada-assessing-progress-and-estimating-the-economic-benefits-an-update-2023-01/) [Measuring the Appropriate Outcomes for Better Decision-Making: A Framework to Guide the Analysis of Health Policy Matthew Calver March 2016 | Report 2016-03 | 132 pages](https://csls.ca/research/measuring-the-appropriate-outcomes-for-better-decision-making-a-framework-to-guide-the-analysis-of-health-policy-2016-03/) [Living Standards Domain of the Canadian Index of Wellbeing Andrew Sharpe, Christopher Ross November 2011 | Report 2011-17 | 124 pages](https://csls.ca/research/living-standards-domain-of-the-canadian-index-of-wellbeing-2011-17/) [Productivity: Key to Economic Success Centre for the Study of Living Standards (CSLS) March 1998 | Report 1998-01 | 99 pages](https://csls.ca/research/productivity-key-to-economic-success/) [Apprenticeship in Canada: A Training System Under Siege? Andrew Sharpe December 1999 | Report 1999-03 | 59 pages](https://csls.ca/research/apprenticeship-in-canadaa-training-system-under-siege/) [A Survey of Indicators of Economic and Social Well-being Andrew Sharpe July 1999 | Report 1999-cprn | 72 pages](https://csls.ca/research/a-survey-of-indicators-of-economic-and-social-well-being/) [A Comparison of Canadian and U.S. Labour Market Performance, 1989-2000 Andrew Sharpe April 2001 | Report 2001-01 | 29 pages](https://csls.ca/research/a-comparison-of-canadian-and-u-s-labour-market-performance-1989-2000/) [Creating a More Efficient Labour Market Centre for the Study of Living Standards (CSLS) June 2001 | Report 2001-02 | 147 pages](https://csls.ca/research/creating-a-more-efficient-labour-market/) [The Impact of the National Child Benefit Supplement on the Low Income Status of Canadian Families with Children: The SPSD/M Results Centre for the Study of Living Standards (CSLS) June 2002 | Report 2002-01 | 59 pages](https://csls.ca/research/the-impact-of-the-national-child-benefit-supplement-on-the-low-income-status-of-canadian-families-with-children-the-spsd-m-results/) [Raising Canadian Living Standards: A Framework for Discussion Centre for the Study of Living Standards (CSLS) October 2002 | Report 2002-td | 56 pages](https://csls.ca/research/raising-canadian-living-standards-a-framework-for-discussion/) ## Abstract ## Résumé EN FR Copy link Email LinkedIn This report looks at how the economic crisis has unfolded in Canada and what will be the impacts on economic wellbeing. The shortfall is estimated to be approximately $12,000 ($2007) per capita. In other words, given no economic crisis, GDP per capita in Canada would have likely been $1,736 higher on average each year over the 2008-2014 period. Between October 2008 – the month at which employment peaked in Canada – and May 2009, net employment fell by 362,500 persons. The negative effects of unemployment go well beyond loss of income. Roughly 60 per cent of the newly unemployed, compared to about 40 per cent in recent years, receive regular EI benefits, reflecting the concentration of employment losses among long term full-time employees (e.g. auto workers). Based on the experience of the recession of the early 1990s, we should expect an increase of about 4 percentage points in the after-tax poverty rate, which would reach 13.2 per cent in 2010. Ce rapport examine comment la crise économique s’est déroulée au Canada et quelles seront ses répercussions sur le bien-être économique. Le manque à gagner est estimé à environ 12 000 $ (en dollars de 2007) par habitant. Autrement dit, en l’absence de crise économique, le PIB par habitant au Canada aurait probablement été supérieur de 1 736 $ en moyenne chaque année durant la période 2008-2014. Entre octobre 2008 — le mois où l’emploi a atteint son sommet au Canada — et mai 2009, l’emploi net a reculé de 362 500 personnes. Les effets négatifs du chômage vont bien au-delà de la perte de revenu. Environ 60 % des nouveaux chômeurs, comparativement à environ 40 % au cours des dernières années, reçoivent des prestations régulières d’assurance-emploi, ce qui reflète la concentration des pertes d’emploi parmi les employés à temps plein de longue date (par exemple, les travailleurs de l’automobile). D’après l’expérience de la récession du début des années 1990, on devrait s’attendre à une hausse d’environ 4 points de pourcentage du taux de pauvreté après impôt, qui atteindrait 13,2 % en 2010. [Download full PDF report](https://csls.ca/pdf/csls2009-06.pdf)