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The Canadian Economy and COVID-19 facts

COVID-19 is doing unprecedented to the Canadian economy and the world at large. Here are some facts about the economic and financial damage to Canada so far.

1. COVID-19 is having a worse financial impact on Canada (and the world) than 9/11 and the 2008 – 2009 financial crisis combined.

2. 250,000 job losses Expected In the Canadian hotel industry.

3. Hotels in Canada are losing an estimated 250 million dollars lost per week.

4. Because of the COVID-19 pandemic Canadian Airlines are not obligated to give you a refund for cancelled flights. Most will give you refund.

5. 73% of Vancouver businesses expect their revenues will drop by 50% or more.

6. Canada’s first COVID-19 death was recorded at the Lynn Valley Care Centre in North Vancouver on March 8.

7. There have already been over three million employment insurance claims over to date.

8. The City of Ottawa is expected to lose about $273 million by the end of the year due to Covid-19. Thankfully, the city has more than enough cash and investment money in the bank, totaling about $1.6 billion.

9. At least 100 countries have asked for help and money from Canada to deal with COVID-19.

10. Global Affairs Canada announced $159.5 million in aid to international partners for Coronavirus.

11. Thanks to COVID-19, the city of Vancouver is losing $4 million to $5 million a week.

12. Canada has the 13th most resilient economy in the world.

13. Canada lost over 1 million jobs in the month of March.

14. Up to 24,000 Canadian military personnel ready to deal with the COVID-19 pandemic.

15. Nunavut doesn’t have a single confirmed case of COVID-19. The only place in Canada with no cases.

16. The Canadian economy shrank by 9% in the month of March.

What do you think?

Written by Staff

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