Bank Of Canada Reports That The Pandemic Can Leave Lasting Economic Damage

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Canada will need a lot of time to recover after the economic damage the COVID-19 pandemic has inflicted upon the country. Tiff Macklem the governor of Bank of Canada said that as the restrictions are lifted, and people go back to work there will be some economic growth in the third quarter of this year. However, the households going back to normal and even all the businesses reopening does not mean that the economy will also go back to normal and start growing again. Recovering the economy of Canada will be a long-lasting process. The reopening does not follow the same path in every province and not every industry follows the same regulations. Nobody can predict the degree of consumerism, and the unemployment rates are still quite high. Some regulations, such as physical distancing means that some businesses will not be able to work at the full capacity. This means that even when all the businesses reopen certain regulations will limit productivity. The COVID-19 pandemic created a recession unlike any other in our lifetime, Mr. Macklem said. After April three million people stayed unemployed and more than that had their hours slashed. Mr. Macklem says that as the economy reopens more jobs will be added and hopes to see more spending.

Digital charter could be a rescue during the recession

Ever since the government of Justin Trudeau took over Canada, the digital economy has become one of the top priorities of the country. Canada tries to create a thriving ecosystem for tech projects.  In 2019 the Ministry of Innovation, Science, and Industry published Canada’s Digital Charter. The government will help the traditional economies to adopt new technologies and create an environment in which digital economies will further evolve. iGaming is a good example of a digital economy’s success in Canada. Canadian online casinos are very popular not only locally but globally. The main goal was to create a long-lasting environment for international players and industry to achieve success with the help of digital charter. With digital charter, authorities of Canada helped iGaming industry providers to adapt exclusive Canadian slot games with original plots. Another reason for the iGaming industry’s success was the green light from the government about the digital currencies. Adopting cryptocurrencies was an important decision for the iGaming industry. iGaming became easily accessible for users from outside the country because of BTC and crypto in general. The difficulties associated with the traditional money transactions and international exchange rates were lifted. Online casinos use facial recognition technologies to increase safety and prevent theft. In the times of the pandemic digital industries managed to keep working.

Digital Charter is a roadmap for the development of the digital economy of the country. The document promotes principles such as equality and transparency and aims at creating equal access to digital technologies for Canadians. Creating a transparent digital world with high safety standards is also a goal.

Uber getting into grocery delivery business in Canada

Uber Technologies Inc., a tech giant based in San Francisco, is starting a grocery delivery service and will start offering its services in Toronto and Montreal first. Last week, Uber announced that the users in Montreal and Toronto can order groceries with Uber and Uber Eats apps. Daniel Dunker, the head of Uber’s product team said that the users will be able to order groceries from local merchants and get them delivered in a couple of hours. Uber will deliver thousands of products from all stores including Walmart, Metro, Costco, Pet Valu, and others. In 2018 Uber announced that the company was hiring the head of grocery products in Toronto. At the time Uber did not make any official announcements about the plans but the company became a major shareholder of a Chilean grocery delivery startup Cornershop. Cornershop that is about to launch in around twelve Latin American cities in addition to Canada, will be Uber’s partner. However, other giants such as Amazon.com and Instacart are already competing with supermarkets such as Walmart and Loblaw Companies Ltd. It might not be very difficult for Uber to get into the market because their food delivery app Uber Eats is already super popular because of the COVID-19 pandemic.

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