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Where we were is no longer there

By David Crane      

The world has changed—it will be a more difficult, more competitive and less friendly world—and we have to find our place in it. We will need a more muscular economy and strengthened social cohesion.

While this may be the best we can hope for, even bigger challenges lie beyond the immediate reopening, as a team of former senior policy-makers from the federal government warn in a report published by law firm Bennett Jones. We have to rebuild the economy as well—actually build a new economy—and do it under extraordinarily difficult circumstances. Otherwise, we will end up even poorer, writes David Crane. The Hill Times photograph by Andrew Meade

TORONTO—If things go well as we gradually reopen the economy, by the end of 2021 we should be back to where we were at the end of 2019. That’s progress of sorts. But individual Canadians will, on average, be poorer and many businesses which survived will be weaker than they were two years ago. Individuals, businesses and governments will also be much more heavily in debt.

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