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Angel Investing during COVID-19 1.1 T he first Canadian case of COVID-19 coronavirus was detected on 25th January 2020, just eight weeks after the first case was diagnosed in China. The first Canadian death from COVID-19 was announced on March 9th. In response to the rapid increase in cases and with community transmissions exceeding travel-re- lated infections, the government quickly introduced various travel restrictions, followed by social distanc- ing rules and lockdowns. Cases per day peaked in early May and then declined over the following two months. However, from September, cases rose sharply, a second
wave reaching a peak in December that was 3.5 times higher than the May peak. The various restrictions that the government introduced in an attempt to control the pandemic resulted in a sharp contraction in economic activity. At the peak of the first wave, Canada’s GDP dropped by close to 12%, while unemployment rose to 14%. There was a partial recovery in economic output and employment during the summer – but remained be- low pre-covid levels – with further contraction in eco- nomic activity as the second wave took hold in the final months of the year.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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