Question

what is the impact of COVID-19 on overall canadian economy and society? what are the long term impacts?

Answer 1

Impact of COVID-19 on overall canadian economy and society- (including long term impact)

1- Around 2.6 percent drop/ fall in the GDP.

2- A threatening recession is to come, it is almost knocking the doors.

3- Loss of employment.

4- Shutting down of many of the industrial ventures.

5- Retail business may collapse

6- Unorganised labour sector will much more serious problems than the organised labour markets.

7- Food sector, entertainment services and tourism will be with the biggest possible decline so far.

8- Services wherein people need to be with each other and interact with each other will suffer. For example- spas, saloons, consultancy, medical profession etc.

9- Women will have to focus more on child care as schools will take months to open.

10- Stress and anxiety related disorders will increase.

11- People will not be together, the way they used to be. This will decrease amicability in relations.

12- Chances of domestic violence are higher.

13- More dependence on internet/ online aspects will create boredom, monotonousnes, loneliness, irritation and discontent.