MLI Munk senior fellow Philip Cross joined BNN Bloomberg to discuss why Canada’s productivity and labour market will be curtailed for years to come due to the COVID-19 pandemic.
When asked about the damage that has been done to the Canadian economy, Cross says “it’s just been horrific, far exceeding anything we’ve ever seen, much worse than [the] 2008-2009 Global Financial Crisis and that’s just what we have on the books on GDP in March and employment in March.”
Cross expects that April will paint more dire picture as the full extent of the shutdown will be realized.
Speaking on the programs being rolled out federally aimed to help small businesses, Cross warns that fiscal aid has not been sent quickly enough to help small businesses in their time of need.
