Canada’s plans to overcome economic challenges from COVID-19

Canada has had its share of losses and economic downturns owing to the COVID-19 pandemic. Nevertheless, the country has done a great job of maintaining Canada immigration activities. The country has mustered the courage and resolve to set high targets and to keep the doors open for international immigrants.

Canada has made many moves to ensure that the long-term effects of the pandemic are managed well. Underlining the role of skilled candidates necessary to arrive in order to work in Canada and contribute to the growth of the economy, Canada has kept on inviting such talents at the federal and provincial levels.

Apart from managing the labor market needs, Canada has kept its integrity as a top destination for overseas studies. Aspirants willing to study in Canada have also been given all possible opportunities and assistance to complete their studies in Canada and find work thereafter.

Here’s how Canada is planning to emerge stronger from the COVID-19 induced economic recession.

Impact on labor markets

Issues

• Prolonged unemployment is dipping the enthusiasm to search for a job.
• The hardest-hit job sectors are recreation and hospitality.
• Uncertainty continues on the availability of child care professionals, forcing working mothers to stay at home.
• Reduced immigration reducing Canada’s population growth which in turn reduces the labor supply and growth of the economy.

Solutions

• Every Canadian must work and contribute to their full potential to revive the economy.
• Canada must keep admitting more permanent residents who are skilled and professional to help the country revive.

Impact on business investment

Issues

• Persisting restrictions on business activity and people’s visits.
• Reduced demand is seen for goods and services.
• Fear of rising infections affect short to medium businesses bringing uncertainty.
• Businesses forced to delay or cancel planned investments.
• Businesses showing declining intentions to make new investments.

Solutions

• Government assisting entrepreneurs with financial aid with schemes like CERS, CEBA, CEWS, BCAP, RRRF, CUSBR, BEP, CECRA, and NBRF.

Impact on productivity

Issues

• Lower business investment, less intensive use of capital assets creating capital constraints.
• Capital constraints slowing technological progress affecting growth in productivity.

Change in work and lifestyle

Issues

• There has been a profound shift to working from home.
• Technology has become more vital and work and lifestyle has centered around digital technology.
• The remote working using digital tools is not apt or viable for many business tasks, which are difficult to do.
• Such a technological shift is not accessible to more rural places and small local businesses.

Opportunities/Solutions

• The new shift to tech tools has increased the opportunities in technological jobs.

The Canadian government is investing up to $100 million over the coming 3 fiscal years to accelerate its economic recovery. The aim is to build an economy that’s more inclusive, competitive, and more innovative besides being a greener one. The new stimulus plans will be used to create highly desirable middle-class jobs in Canada.

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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