COVID 19 Recovery Tracker
The COVID-19 pandemic has disrupted our day to day lives, and measures to contain the spread of the disease have had a significant impact on the economy. As many provinces are currently in the second wave of the pandemic, the full effect of the COVID-19 pandemic on Canada’s economy is still unknown.
Below you will find data regarding the impact of COVID-19 on key economic indicators, including, employment, industry, and debt for the East Hants – Annapolis Valley Economic Region and Nova Scotia to date. These indicators will play an important role as our region prepares for the economic recovery from COVID-19.
COVID-19 has had a large effect on the East Hants Economic Region’s labour force and employment figures. The effects have been felt differently across all of our industries, but overall our economic region saw a 19.8% loss in total employment at its lowest point.
The impact of the COVID-19 pandemic has been significant on most industries, but not equal. Tracking employment changes and sales by industry helps understand which sectors were most heavily impacted. Some industries – notably tourism, retail, and hospitality – are particularly hard hit and will likely take longer to recover.
Debt is an important economic indicator to measure how families and businesses are handling the pandemic. Currently, debt-related issues have been lower than expected during an economic downturn.
Government support programs may have played a role in household debt by reducing how much debt consumers take on. However, it is important to note that these support programs are temporary and as they expire the debt and insolvency situation may change. It is important to continue tracking the situation.