Frist look into the economic fallout in Canada
https://www.ctvnews.ca/politics/the-challenge-of-our-lifetime-federal-deficit-to-hit-343-billion-this-year-1.5015467
The federal deficit is projected to hit $343.2 billion this fiscal year, due in large part to massive economic aid and stimulus plans—that are on-par with Second World War level spending— The deficit projection released Wednesday is up dramatically from the latest pre-pandemic economic update in December 2019, which pegged the deficit at $28.1 billion in 2020-21.
Citing the “extraordinary borrowing” the federal government is currently engaged in, the government says the federal debt will exceed $1.2 trillion by the end of the fiscal year, up from $765 billion in the previous fiscal year. With unemployment rates set to remain high into next year, the government is also projecting a $71.1-billion decline in tax revenue, including a $40.8-billion loss in income taxes.
“This spending level is on par with, but lower than the peak deficit (as a per cent of GDP) experienced by Canada during the Second World War. This is truly the challenge of our lifetime."
In total, the federal government has spent more than $231 billion in health and safety measures as well as on direct aid to Canadians and businesses over the course of the pandemic so far. Due to the COVID-19 spending, the federal government now projects its debt-to-GDP ratio will rise to 49.1 per cent in 2020-21. In the pre-pandemic December economic update, Canada’s debt-to-GDP ratio was at 30.9 per cent and was projected to remain on track to reduce incrementally over the next few years.
Yet they also see it as an opportunity to rebuild/reshape a better economy and thanks to the low interest rates not all is as bad as it seems
“Even after our historic investments, Canada will continue to hold its low-debt advantage. This, combined with historically low interest rates, gave us the balance sheet to deploy our fiscal firepower to support Canadians through this,” Morneau said, though noted that his and likely future governments will have to face up to the deficit.
Still looks pretty scary in pictures
Citing economists, in the snapshot the government says the overall economy is expected to contract by 6.8 per cent in 2020, which is its sharpest drop since the Great Depression, before rebounding by 5.5 per cent in 2021. Based on forecasts by more than a dozen private sector economists, the government is projecting an unemployment rate of 9.8 per cent in 2020 and 7.8 per cent in 2021.
All of this is contingent on how the ongoing health crisis is managed, the government notes throughout the snapshot, emphasizing the economy’s health is largely in the hands of Canadians’ efforts to stave off a second wave of the novel coronavirus.
https://www.ctvnews.ca/health/coronavirus/we-can-t-let-up-key-issues-to-address-before-second-wave-of-covid-19-1.5016754
Canadians must continue to adhere to public health measures, including physical distancing that has proven to help flatten the curve of coronavirus infections across the country. It could be a challenge with COVID-19 “fatigue” settling in as much of the country closes out its 17th week of widespread restrictions. “We can’t let up,” said Buchman. “We have to continue to be vigilant about the public health measures. If we’re not doing that we can suffer another lockdown and way more restrictions.”
To ensure public health measures are clear and feasible, the messaging from health authorities should be consistent, said Buchman. But this has been an issue since the pandemic began and it became clear that people were confused by guidance being issues, particularly as it related to face coverings. “It’s clearer lately with regards to mask wearing,” said Buchman, noting numerous jurisdictions that have started to enforce mandatory face coverings in indoor public spaces.
https://www.ctvnews.ca/politics/canada-not-ready-for-second-wave-of-covid-19-senate-committee-says-1.5017314
A new report from a committee of senators says the country is ill-prepared to handle a second wave of COVID-19. The Senate's social affairs committee says the federal government needs to pay urgent attention to seniors in long-term care homes where outbreaks and deaths in the pandemic have been concentrated. There are also concerns in the report about the vulnerability of low-income seniors should there be a second wave of the novel coronavirus later this year.
Senators on the committee say the national emergency stockpile of personal protective gear like masks, gowns and gloves, wasn't managed well over the years, nor sufficiently stocked when the pandemic struck the country in March. Committee members add concerns that military members could be deployed without sufficient personal protective equipment because of "inconsistencies from international procurement."
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