As the transmission and lethality of the coronavirus evolves, organizations and the public develop different national, regional and local responses to those changes. As a result, the scope of uncertainty about how we will work, live and play in the future keeps growing and remains troubling.
A Bridge to Nowhere
The Economic and Fiscal Snapshot released by the federal government on July 8 detailed the $1-trillion bill for the federal government’s health and economic response to the pandemic to mitigate the adverse implications of COVID-19; however, it failed to provide any description of a concrete plan for recovery and the likely structure of Canada’s economy as we transition into a new normal. It states the government is trying to “build a bridge” so the economy can recover.
The government’s “bridge” begins when the virus hits and containment measures are put in place, but where is the landing point? The plan misses the mark in offering sustainable economic growth outcomes. We may be looking at a longer recession and recovery than previously forecasted.
The federal government needs to outline two or three scenarios of the most desirable landing points for this “bridge” — Canada’s economic, social and environmental priorities and associated investments for each scenario — to support a pan-Canadian discussion and debate.
Canadians need a plan to make sense of the economic update and fill in the gaps needed to make a strong, sustainable economic recovery for their businesses and families.
Canada’s COVID-19 Impact Map is a strategy tool that offers a roadmap for planning and recovery
In response to the radical uncertainty caused by COVID-19, our team at Global Advantage Consulting Group has prepared a comprehensive analysis of the unprecedented impacts we are facing in key sectors of society – governments, businesses, not-for-profit associations, higher education, households, and global markets.
Packages include Canada’s COVID-19 map and an analysis of the impacts affecting your organization, highlighting a path towards recovery and navigating the uncertainties of the new normal.
Canada’s COVID-19 Impact Map is constantly updated with the latest available data, and holistically reviews how the pandemic has impacted Canada.
Through the map, you will:
- Understand the flows of COVID-19 funding between governments, private sector, higher education, non-profits and households
- Recognize the impacts of the economic recession on different components of the Canadian economy
- Find your path to navigating uncertainty by mitigating the risks faced by your organization
COVID-19 has drastically impacted the finances of all levels of government in Canada. While the federal government engages in a $317-billion (direct spending and tax measures) economic response plan to mitigate the adverse economic implications of COVID-19, provincial and municipal governments are faced with increasing deficits, high unemployment, and the prospect of strict budget cuts.
Higher Education Impacts
Canada’s post-secondary institutions rallied to quickly adapt teaching methods to enable students to complete winter and summer courses but, as the fall semester also moves online, they are faced with reviewing their business models for long-term sustainability.
Private Sector Impacts
There has been unprecedented short-term damage to the private sector, with loss of revenue and employment varying based on industry. The economy took a steep downtown in almost every sector during March/April, with a slow rebound beginning end of May. While the uptick signals traction as the economy begins moving again, a strong recovery is going to be slow and estimated to be years away.
Canadian Household Impacts
Canadian household spending has declined in both goods and services. Household debt reached a record high $2.28 trillion in March 2020, making Canadians more vulnerable and less likely to spend. Government measures are helping to stave off financial struggles, though they cannot stave off financial insecurity and unemployment for many Canadians.
Our analysis is anchored by the 80+ federal initiatives that now total $1 trillion in support to Canadians. This broad scope has provided Global Advantage with the perfect context for a more targeted assessment of the COVID-19 impact on all sectors of the economy.
If your organization needs assistance in understanding the COVID-19 changes to your environment and stakeholder groups, and the implications for your organization’s activities and services, let our experts help you understand, plan and navigate these uncertainties to a successful and sustainable recovery.
Contact us at firstname.lastname@example.org to receive a map and tailored briefing, including an analysis of the July 8th federal fiscal snapshot.