The coronavirus pandemic has brought economic shock faster and more severely than the 2008 global financial crisis. In contrast to the financial sector factors that led to the events of 2008, the shock of COVID-19 has stemmed from the government’s necessary and humanitarian response to impose stay-in-place orders and business shutdowns to fight COVID-19. The result is a steep decline in demand, spilling into reduced employment and incomes of individual Canadians and businesses. The bulk of economic activity has shut down, something not seen even during the Great Depression or the Second World War.
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