Why has Canada Remained Stable Through 2024?

The world economy fell like a sandcastle due to the ongoing Covid-19 pandemic. Major economic hubs of the globe like the USA, India, the UK, France, Germany & Australia have seen negative growth in their economies.
Indeed, the effects of this silent recession can be felt by the reverberations it produced in the form of loss of jobs, salary cuts & market plunge.

The country has implemented several shutdowns since the pandemic began. Provinces like Alberta and Quebec were hit really hard, for instance.

Let’s take a look at what made the country fare better than many other western countries.

Canada’s Response to Covid-19

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Canada has seen no more than 145,000 cases of Covid-19 (Sep 2024), with a recovery rate of 70%. A great response, right? It has been linked to the norms of social distancing being followed and a greater number of tests.

Also, the fact that Canada’s population is not evenly distributed played a critical part in the containment of Covid-19 patients in one part of the country, and preventing spread to the other less densely populated parts of the country.

Extensive research for the development of an effective antiviral is being conducted in Canada. Being a global pharmaceutical activity hub, Canada is one of the first countries to conduct human trials for a Covid-19 vaccine. It wouldn’t be a surprise if Canada came up with a vaccine of their own, would it now?

Canada is no less a stranger to the Covid-19 crisis, with its economy plummeting a good 12% during the peak of the Covid-19 pandemic. However, the Canadian economy has stabilized after that, primarily because Canada has been able to contain the spread of infection to a large extent. Perhaps all thanks to Canadians digitally improving life quality as detailed in the Royal Vegas casino blog post – something we will talk about below.

1. All about Healthcare Preparedness

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The Canadian Government laid down several objectives and guidelines for healthcare workers, from doctors and nurses to pharmacists and emergency care units.

Some of its primary objectives were to identify appropriately the patients showing symptoms or suffering from Covid-19. Different types of testing units or equipment were put to use. What kind of units do you ask? Emergency care units were at the forefront of the operation, isolating the patients through proper guidelines and asylum seekers.

The state and healthcare system of Canada is highly advanced, isn’t it? Yes, and they showed their effectiveness by encouraging long-term care units, home isolation for not-so-critical patients, and collaboration of different authorities and government bodies in the nation.

2. Tax benefits:

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For individuals and families hit by the impact of Covid-19 and losing their jobs, Canada has set up and ’emergency response benefit’ called CERB. In which the state provides a taxable benefit of $2000 every four weeks for 28 weeks. So thoughtful, no wonder Canadians are one of the forerunners of human rights.

Did you know that Canada has waived tax from essential medical supplies like PPE kits? Yes, we are not lying; the law was passed so that individuals living in Canada would not have to pay an overpriced sum for imported medical goods. And it also promotes self-care, don’t you think?

Even for students, the state provides a taxable benefit of $1250 every four weeks for eligible students.

3. Support for Indigenous people & minorities:

Canada takes care of its indigenous population. How do we know? Well, the state has passed a $685 million fund for addressing the needs of the First Nations, Inuit, and Métis Nation communities.

The issues of food insecurity, educational support, mental health services, emergency services, & management of Covid-19 are addressed through this fund. All-round management, what do you have to say about that?

Also, an additional $25 million fund was acquired to address the indigenous communities’ food, personal hygiene, and medical grievances.

If Canada has captured your heart from these actions, wait till you hear about this; Canada has set up a National Ecosystem Fund, raising $53 million to support Black people led businesses and organizations.

4. The aid of businesses and workers:

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The Canada Labour Standards Regulations allowed the extension of the period by six months for temporary layoffs. This provided employers more time to recall laid-off employees. Thus, also protecting the job security of laid-off individuals.

A temporary 10% Wage subsidy was granted as a three-month measure for eligible employers. This allowed them to reduce the number of payroll deductions.

The Canadian Government has set up a Regional Relief and Recovery Fund (RRRF) raising $962 million, damn such an immense amount! But for what? This is to aid businesses in the manufacturing, technology, tourism & other sectors to help them recover from the economic slump due to the pandemic.

The Canada Emergency Business Account (CEBA) has provided small businesses, an interest-free loan, which can be up to $40,000.

5. Upholding the culture & heritage of Canada:

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When it comes to culture and heritage, Canada is one of the top countries—being immensely proud of their culture, which can be seen in several museums and architecture of the country.

The Canadian Government approved a massive fund of $500 million for these aspects. The purpose was to relieve the pressure from cultural bodies, national museums, art centers, and sports centers, due to the Covid-19 pandemic burning down cash reserves.

What made Canada’s Response Different?

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For the most part, Canada’s response to the pandemic and the economic crisis has not been too different from the other countries. But what kept Canada stable in 2024 is how they upheld their promises and divided the essential aid among all the sectors, communities, and parts of the nation.

Benefits like the CERB and CEWS meant that people could get access to much-needed funds, even during a global recession. Additionally, programs like the CEWS ensured that people were kept on the payroll and didn’t have to worry about losing jobs.

This is what kept the Canadian economy going, and even kept the real estate market largely stable.