Canada's financial experts are looking into their crystal balls and predicting what the future might hold for the Canadian economy and how it could rebound post-covid. Until March 2020 our economy seemed stable and secure despite other world events and trade wars we had reliable growth, strong employment, steady interest rates and cities were booming. Then the pandemic hit and the world closed down.
The government issued massive wage and unemployment subsidies and our deficit ballooned. One million jobs were lost resulting in 13.7% unemployment the highest that Canada has seen since the Great Depression. The pandemic also brought to light many problems in our society that we had been largely ignoring such as massive inequality, gaps in social assistance and vulnerable supply chains.
Vaccinations have now arrived and we can see some light at the end of the tunnel and the question is now, what will our economy look like when the dust has settled? Here are some predictions from financial experts.
1. "Wage subsidies will help to save retail businesses" - until most people are vaccinated there will be sporadic shut downs so continuing with wage subsidies will help to keep businesses from going under. Pedro Antunes - chief economist, Conference Board of Canada
2. "Small businesses will need more than government loans to survive and workers will need more support." Werner Antweiler - associate professor, Sauder School of Business
3. "Businesses will need better access to rent relief, the current government has been a failure so more help is needed." Laura Jones - executive vice president and chief strategic officer, Canadian Federation of Independent Business
4. "Employers need to adopt flexibility for their workers to encourage them to grow resulting in better productivity and morale." Jean McClellan, national consulting people and organization leader, PwC Canada
5. "Automation will replace millions of jobs - and that's not necessarily a bad thing". Companies investing in training for their existing workforces will help to sustain livelihoods without major disruption. Linda Nazareth, senior fellow for economics and population change, the Macdonald-Laurier Institute.
6. " Business travel will come back safer though it will probably take three years or more to return to normal levels of business travel." Nancy Tudorache, regional vice-president, Canada, at the Global Business Travel Association.
From an article by Ali Amad
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