It will be many months or perhaps years until we know the full extent of the economic impacts caused by COVID-19. At this point, recovery seems a long way away, but it is not too early to begin planning.
As part of the provincial government’s initial economic response, $1.5 billion has been set aside to prepare and support the economic recovery – this is prudent. We will need to adjust our tax system, provide funding for impacted businesses, and incent innovation and transformation. Above all, however, we must decide that Canada is “open for business.”
While it seems so long ago, it was only a few months ago that protests halted trade through our ports. More broadly, uncertainty about the timeliness of decision making around major projects and whether decisions, once made, count for anything had become a serious problem.
During the pandemic, we are focused on securing supply chains for critical medical supplies, food, and other essentials. Breweries have shifted to producing hand sanitizer, apparel companies are making masks, and AI companies are working with pharmaceutical manufacturers on a vaccine.
In recovery, we must harness and encourage that ingenuity. Together, we need to ensure Canada is an attractive place to invest, work and raise our families for generations to come.
Canada has always been a trading nation and coming out of this pandemic, we must redouble our efforts to be a strong player in international trade. We have a lot to offer the world, and the world needs our products, resources, and services. Let’s build a brighter future together.