The canadian economy is under perfusion

To avoid the crisis of the coronavirus do not cause an economic disaster, the canadian government puts billions of dollars on the table.

In the period of literally incredible that we live in, in France as in Canada, it is necessary to be prepared to face what happens with the heart well-hung, the head on the shoulders, and the bonnet screwed down (the mask also, if we can get them). In the Face of the pandemic, the urgency is obviously the answer and preventive medical, organized by the governments. But behind the health crisis is looming as the economic crisis. Containment puts a stop to the personal projects of mobility, the professional ambitions, the development of new activities. No one knows when the momentum will resume.

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In Canada, between 16 and 25 march, the number of new employment insurance claims have jumped to 1.55 million. While these last few months, the number of monthly average beneficiaries did not exceed 500 000. The country to the maple leaf boasted by an unemployment rate that is historically low, around 5%, and even 4.5% in the province of Quebec. The major concern was the shortage of manpower. With the closing of borders and the instructions of isolation, whole swathes of the economy are shut down : air transport, hotels and restaurants, construction sites, factories. In Quebec, a province most affected by the disease (about half of the cases diagnosed in Canada), only essential activities have been allowed to continue. Many companies, particularly smaller ones, have not been able to avoid layoffs.

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Result, the rate of unemployment in the country could rebound to 10% or even 15%. As for growth, by 2020, most forecasters believed these days that it would be in the negative, a small decrease for some (-1%, according to BMO), a sharp decline for others (-5% according to the parliamentary budget officer in Ottawa).

damage control

Fortunately, the Canada knows how to deploy safety nets. Beyond the employment insurance federal, government, Justin Trudeau has taken extraordinary measures to prevent the bankruptcy of the economy. In total, not less than $ 200 billion that will be spent to help workers and businesses. Delivery canadian emergency will offer an allowance of $ 2000 per month for four months to workers who do not have access to employment insurance. For businesses, these are grants to pay the wages, deferrals of taxes and interest-free loans which have been identified. All this will add to the federal deficit, but should help to reduce (part of) the damage caused by an unprecedented crisis.

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While companies see their business collapse, others are overwhelmed with demand and are calling for the recruitment : it is the case of providers of online services, medical industries, and agri-food, supermarkets and pharmacies, logisticians, couriers, or, more unexpectedly, of the manufacturers packaging.

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of Course all the service of telemedicine and telehealth are also under tension. Because in addition to sick of the coronavirus, patients who require regular follow-up are still there. And soon, the effects of isolation, job losses and bereavements will have other consequences. This already shows, according to economist and pollster Jean-Marc Léger, president and CEO of the firm of the same name, the opening of a third front, after the crises in health and economic : the crisis of mental health.