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Oil price shock part II

The latest renewed slump in world and domestic crude oil prices is another blow to the outlook for Canada's oil-dependent economy, which has already slipped into a mild recession. With the fallout from the first oil price shock not yet over and signs of a faltering non-energy export recovery undermining business confidence elsewhere, hopes for a return to solid positive GDP growth over the second half of the year look less likely than a month or so ago.

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