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The speed, scale and breadth of the contraction in economic activity during the COVID-19 crisis are unmatched by anything we have seen since the Great Depression. That’s what the Government of Canada has done since the beginning.
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It is incumbent upon governments to step in with significant support. The pandemic has imposed great hardship on Canadians, and has laid bare and even exacerbated inequities that have made certain groups more vulnerable to economic challenges. It is the result of a public health emergency that changed our lives overnight. The economic shock of COVID-19 is unlike any previous economic crisis. 4.2 The COVID-19 Recession: A Unique Economic Challenge This strategy will be implemented responsibly, with a sustainable approach for future generations. The government’s strategy will continue to be tailored to Canada’s evolving economic needs – to support Canadians through the crisis and to provide significant investments for a robust recovery. Our focus will be supporting Canadians, bringing back the jobs lost to the pandemic and building a more inclusive, more competitive, more productive and greener economy for the 21 st century.Ĭanada has and will continue to manage its finances prudently. Over the coming months, the government will work to design an investment plan for recovery and growth that will build a stronger, more inclusive and more resilient economy, spending between 3 and 4 per cent of gross domestic product (GDP) over the next three years. Canada knows that in order to keep permanent economic harm to a minimum and secure a rapid and robust recovery, it must continue to support Canadians throughout the pandemic, particularly as we fight a virulent second wave. The International Monetary Fund (IMF) has warned governments that premature withdrawal of support would harm livelihoods, increase bankruptcies and jeopardize the recovery. 4.1.2 Governments Must Continue to Support People The government understands that it must step in to support people and sustain that support until the pandemic is over in order to avoid even worse economic outcomes. It is the result of an entirely exogenous shock that has hurt Canadians and Canadian businesses through no fault of their own. The COVID-19 recession is unique in the sense that its origin cannot be traced to any fundamental weakness in the economy. This time-limited spending is essential to ensure that once COVID-19 is under control the economy is able to quickly recover to pre-pandemic levels. This is time-limited spending to prevent households from going broke and businesses from laying off workers and permanently shutting their doors. While this extraordinary spending will cause significant deficits in the short term, on par with the scale of effort required to deal with this once-in-a-century kind of crisis, such deficits are distinct from the structural deficits of the 1990s. Canadians understand that the crisis demands targeted and time-limited support to keep people and business afloat. That means that the government’s fiscally expansive approach to fighting the COVID-19 pandemic need not and will not be infinite. But this pandemic will not last forever and promising vaccine candidates are a bright light at the end of the tunnel. The government will have Canadians’ backs through this crisis, doing whatever it takes. 4.1.1 Extraordinary Spending is Time-limited Federal investments are also supporting the provinces and territories and the services they deliver to Canadians. The investments the government continues to make are ensuring our public health systems are well-funded, securing a safe supply of personal protective equipment (PPE), procuring vaccines and therapeutics and helping Canada avoid an even deeper downturn that would come with widespread business and personal bankruptcies and negatively impact generations of Canadians. Canada entered this crisis in a strong fiscal position, allowing the government to take decisive action to put in place the support necessary for people and businesses to weather the storm.