COVID-19: Economic Impact on Canada
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COVID-19: Economic Impact on Canada
Posted on June 24, 2020
There could be some heavy lifting before certain parts of the economy can re-open. The pandemic is changing the way businesses will have to adapt, although it could be costly.
By early June, the Government of Canada had handed out more then 43 billion dollars to over 8.4 million Canadians in just the Canada Emergency Relief Benefit. When you factor in the rest of the direct support spending, the tally is over $150 billion. Add in the costs of protecting people and businesses the price tag is over $929 billion dollars. How will Canadians get out from this mountain of debt? A three month economic lockdown has painted some grim financial numbers for Canada, despite some regions opening up. It’s not as though a country plans for a global pandemic, although there will be questions about preparedness.
What will this mean for Canada’s financial future and could it mean a pivot in a new direction for industries?
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Dig deeper
COVID-19 is exposing Canada's economic vulnerabilities, innovation experts say
Wednesday, May 20, 2020
One third of Canadian workers won’t be able to access government aid, economist says
Thursday, April 2, 2020
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