Question

What can policy makers in Canada do to minimize the detrimental effects covid-19 has had on economic stability, and the education system?

Answer 1

Most of the businesses have been hit due to the pandemic. This includes supply shocks, unavailability of labour, cash crunch, minimal revenues and local lockdowns.

To address each of the above, here's something Canada can do:

1. To address supply shocks, it has to reduce any taxes or tariffs that were earlier a burden to the supply chain. This would increase the flow of movement in goods.

2. For the increase in the availability of labour, it should make sure that there is stringent health protection being followed in the workplace. Also, opening the borders to important talent also helps.

3. To address cash crunch, it could give money to eligible SMEs in the form of grants or short-term loans. Also, decrease the interest rate so that businesses could afford it.

4. To address minimal revenue, it needs to pump the cash in public. Direct disbursal of cash to the public might backfire as they might use it to save instead of spending. So, implement a few tax-saving schemes and vouchers on public spending so that it increases the demand for certain goods.

5. Local lockdowns have affected most of the businesses. Only shutting down the hotspot zones to prevent the spread and opening businesses in surrounding areas might help.

If we look at education, most of the schools/ colleges are shut. Also, the funding given to the schools has reduced by a considerable amount.
To address these issues, Canada needs to access:
1. Digital teaching through TV or Mobile. Teaching non-essential concepts over these mediums are effective, at least until it is safe for children to attend school.
2. Supporting teaching staff by paying salaries or allowances accordingly. This is because if you don't have a quality teacher, it doesn't matter how much ever tech you use to teach
3. Allow vocational training of skills. This might increase the survival chances for revenue-hit institutions
4. Conduct self-assessment tests and quizzes so as to know how effective the online classes have been.
5. And most importantly, making sure children have less screen-time is essential.