The economic effects of COVID-19 have been severe in virtually every country around the world. Economic growth has shrunk, people have lost their jobs, and governments have spent unprecedented amounts of money to support those families and businesses hit hardest by the pandemic.
In Canada, unemployment rose nationally to an all-time high of 13.7 per cent in May, 2020. According to a Credit Union Central of Manitoba survey, 36 per cent of Manitobans reported that the pandemic affected their method of earning an income. The survey also noted that younger Manitobans were more likely to report an impact on their earnings than older citizens.
Despite the gloom, there are rays of light. The country’s economic recovery plan is moving ahead, and a growing number of people are genuinely hopeful about the future. A study released by the non-profit Angus Reid Institute in early June reveals that Canadians’ outlooks about their long-term financial security haven’t suffered, with 30 per cent saying they’ll be better off next year at this time (up from 15 per cent at the end of 2018 and 21 per cent at the end of 2019). History has proven we’re a resilient country; we should also be proud of our optimism.
Chief Executive Officer