COVID-19 Impact on the Multiplier in Canada

Subject: Epidemiology
Pages: 2
Words: 330
Reading time:
2 min

COVID-19 has affected the economics of the countries all other the world, and Canada is not an exception. Business experiences serious problems: due to the quarantine, many cafes and restaurants are closed, the travel industry is paralyzed, and the entertainment sphere is overcoming difficulties of moving to online production. The expenses are now much more tangible, and they are more than the income in general. It means that Canada would face an economic decline within a two-year period after the pandemic. What is more, the parameters and rates are being changed to provide a more precise look at the situation.

Owners of the business suffer from the pandemic, but that is not the primary problem. Thousands of people have lost their works and cannot find anything during the crisis, especially in the field of desk jobs. The lack of employment places and national economic turmoil require significant financial aid from the government. Firstly, it would help to preserve the economics of the country. Secondly, it would help ordinary people to overcome this hard period being able to buy all types of essential products. It is also important to mention that people cannot visit historical and cultural sites anymore. According to Liverant, buying cultural goods is an inevitable component of a comfortable life for a Canadian citizen. It means that financial aid is also essential for museums and theatres that have been closed.

Art galleries invent new online excursions, but it also requires money. The economics of Canada is going through severe times, and it is hard to predict when it would be possible to return to daily life. The distance between comprehensive income and expenses will keep growing until the end of the pandemic. The rates would change because of the crisis: the level of the revenue of the international exchange and service sector would low down, and the government would serve as a creditor to normalize the situation.