Impact of COVID on tourism greater than 9/11, SARS, '08 economic crisis combined
The COVID-19 crisis led to significant travel restrictions around the world. Canada has totally or partially closed its borders to tourists and non-essential travellers. Travel between provinces has also been restricted. Provinces such as New Brunswick, Prince Edward Island, Newfoundland and Labrador banned non-essential travel or all travel between provinces. And we were told not…
Taking a neutral position can give Canada an advantage. But government will have to be pragmatic
In November 2018, Canada and Mercosur opened free-trade negotiations. Any such deal represents great potential for Canada – but there are concerns. Mercosur – Argentina, Brazil, Paraguay and Uruguay – is a bloc with a gross domestic product of over $3 trillion and a population of 261 million in 2019. That compares to the GDP of…
Printing money to address short-term needs will lead to inflation and dampen any potential economic recovery
The financial consequences of COVID-19 and the shutdown of economies are difficult to evaluate. But some of those consequences have begun to appear and could hinder economic recovery. Inflation is one of these harmful consequences. In the United States, consumer prices jumped 4.2 per cent in the 12 months through to April, up from 2.6…
Canada must be aware that protectionism has returned which makes international trade complicated
Canada faces new pressures on any attempts to ramp up international trade. In 1994, the United States, Mexico and Canada created a free-trade region with the North American Free Trade Agreement (NAFTA). Considering that the U.S. has been the largest economy in the world from 1994 to now, NAFTA was a true asset for the…
Bureaucracy was a significant obstacle to effective action
The COVID-19 pandemic has taken countries, governments and people by surprise. Most of us weren’t prepared to face this crisis. Most Western countries initially refused to panic and wanted to manage the situation like other illnesses such as the flu. But the outbreaks in hospitals and other medical facilities in most countries led to true…
Decentralization of supply management led to better results
Vaccines are seen as the key to ending the COVID-19 crisis. But creating a vaccine is one thing; having enough of it for the population is another. Here comes the problem of supply management. From the beginning of the crisis, many pharmacy laboratories worldwide tried to develop a vaccine against the virus. Some of them…
We need to cut red tape so we can respond efficiently during times of crisis
The pandemic took many countries – governments and their citizens – by surprise. Many weren’t prepared to face such a crisis. Initially, most Western countries refused to panic and wanted to manage the situation like another flu epidemic. But the outbreaks in hospitals and other medical facilities in many countries led to chaos, forcing governments…
The debt in Canada’s Prairie provinces has grown colossally during the COVID-19 pandemic, just as debt has in the rest of Canada and around the world. At the end of 2020, Alberta’s debt was estimated at $98 billion, Manitoba’s was $28.6 billion and Saskatchewan’s was $15 billion. These debts are an economic burden for the taxpayers…
Brexit can also be an opportunity for members of the Commonwealth to strengthen their trade, social and military ties
Brexit has allowed the United Kingdom to establish an independent trade policy outside the expectations of the European Union. European law and treaties signed by the EU no longer apply to the U.K. Accordingly, the British government signed the Trade Continuity Agreement with Canada. The agreement, which took effect on April 1, maintains the intent…
Stay-at-home orders related to COVID-19 have changed working habits. The mandatory work-at-home advice for office jobs has created a debate about work after the health crisis. Will we continue to work at home or will we return to the office? Some have stated that people who work from home must have lower pay. The research team…
The COVID-19 crisis led to significant travel restrictions around the world. Canada has totally or partially closed its borders to tourists and non-essential travellers. Travel between provinces has also been restricted. Provinces such as New Brunswick, Prince Edward Island, Newfoundland and Labrador banned non-essential travel or all travel between provinces. And we were told not…
