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The number of residents in Canada facing long-term unemployment saw a sharp increase towards the end of 2020.
Being unemployed for 27 weeks is considered “long-term unemployment”. Canada saw an increase in those numbers in September and October 2020, following massive job losses in March and April when businesses closed to curb the spread of the coronavirus.
After 8 months, the COVID-19 pandemic had higher long-term unemployment rates than the 2008 recession.
In December, the number of people in Canada who were long-term unemployed was 493,000, just under a third of all unemployed.
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With the increase in COVID-19 cases during the winter period, stricter health restrictions such as stay-at-home orders, curfews and lockdowns have been put in place in various provinces. As a result, Canada’s economic recovery has slowed.
In December 2020, employment fell for the first time since April. At the end of 2020, the number of workers affected by the COVID-19 pandemic was 1.1 million. This includes those who have lost their jobs or have had their hours cut.
How the COVID-19 pandemic has affected businesses and individuals
As a result, the economic slowdown from the pandemic has affected the economic activity of businesses and individuals. Many people may have been discouraged from spending the way they did before the pandemic. For companies that have been able to develop their digital capabilities, many employees have made the switch to working from home. Companies may have suspended their expansion or growth plans due to increasing financial and economic uncertainty. The economic activity of the public has changed as Canada has adjusted to the “new normal”.
Business operations have been continually disrupted due to openings and closings. Many of these businesses are still trying to adjust to COVID-19 restrictions but face short-term turbulence and uncertainties due to frequent shutdowns. It may also force some companies to lay off some employees.
The Canadian Survey of Business Conditions has identified the main stressors facing some businesses.
Of those who responded, 30% were unable to predict how long they will continue at their current income level. Another 6 percent estimated they would stay in service for less than three months. Another 5 percent said they are considering going out of business or filing for bankruptcy.
Reason to stay positive: all Canadians will be vaccinated by September 2021
Over the past two months, Canadian Prime Minister Justin Trudeau and the Canadian Public Health Agency have insisted that all Canadians who want one get a COVID-19 vaccine by September 2021.
With Pfizer and Moderna COVID-19 vaccines alone, Canada expects to immunize 36 million Canadians by the end of September.
However, Health Canada is close to finalizing the review of the AstraZeneca COVID-19 vaccine candidate.
If successful, Canada can agree to receive vaccines from AstraZeneca and review its current projections.
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