The coronavirus shock
Who holds the debt?
Seeding systemic risk
Coronavirus: Premier François Legault offers glimmer of hope for Quebec’s economy – Global News
Quebec Premier François Legault expressed optimism about the possibility of getting Quebec’s economy back on track, after taking a hit due to the COVID-19 pandemic.
Non-essential businesses have been shuttered for weeks in an effort to contain the spread the virus, which has had an impact on the economy.
Legault said he was encouraged by COVID-19 projections — made public on Tuesday — and believes Quebec is leaning towards a best-case scenario because of its social-distancing measures.
Coronavirus outbreak: Quebec projections show COVID-19 peak likely in mid-April
Public health officials project the number of cases will peak around April 18 and Legault said he was hopeful businesses could start opening next month.
“But we have to restart the economy without restarting the pandemic,” he warned.
Quebec’s public health director Dr. Horacio Arruda said social-distancing measures will continue be as important as ever. He also stated that most gatherings will still be forbidden in order to avoid a resurgence of the virus.
Legault said re-imagining the workplace should be top of mind.
“I think it’s important that managers, owners of different businesses, that they start thinking about a new way to work in the next weeks or months,” he said.
On Monday, the government announced a $100-million employee training program to help businesses adjust to a new reality. The idea is to ensure employees are trained to use new technologies and can learn new workflows.
Other measures put forward by the government to boost the economy include the Panier Bleu, an online platform to encourage Quebecers to buy locally, as well as various subsidies for businesses and individual workers alike.
Legault said government officials are also working with various company representatives to see how businesses will be able to re-open, provided the “figures stay good in the next few days.”
It’s a reminder that everyone has a crucial role to play in the pandemic.
“I know it’s tough, tough to continue all our efforts, but as we say in English: April showers bring May flowers,” he said.
— With files from Global’s Raquel Fletcher
© 2020 Global News, a division of Corus Entertainment Inc.
Expert weighs in on Kenney’s economic plan for Alberta, suggests PST could be an answer – Global News
While Jason Kenney’s televised address to the province on Tuesday night gave details on how the COVID-19 pandemic in the province could play out in terms of cases and deaths, some political scientists say the comments the premier made in regards to the economic future of Alberta didn’t provide a lot of specifics.
One political scientist in the province said there is one option for the government to increase revenue: implementing a provincial sales tax (PST).
Alberta premier warns devastating economic impact of COVID-19 could mean record unemployment, negative oil prices
Mensah said the pandemic has completely changed the circumstances of the province, and that while the UCP had campaigned on a platform of fiscal conservatism, there needs to be a way of balancing the books going forward.
“The only way available is to look at a modest PST, to provide options for the government to be able to fund programs.”
Kenney said in his Tuesday night address that the social distancing and closure orders in the province would be in place at least until the end of May. He also said that the province would eventually roll out a “relaunch strategy” to get the economy moving again, involving mass testing to get those with immunity back to work, and increasing border screening.
Explaining Alberta’s probable, elevated and extreme COVID-19 modelling numbers
However, once the premier addressed the situation with the global oil markets, experts said there was a lack of clarity on how the province could move past this.
“There didn’t seem to be a whole lot of answers, and just some real dangerous situations,” Mount Royal University political science professor Duane Bratt said.
“[Kenney] talked about a budget deficit that will triple to about $20 billion dollars, [he] talked about negative prices for energy — where we may have to pay people to take it — and there was no sense of how we’re going to get out of that,” said Bratt.
In his address Tuesday, Kenney said he could not “overstate how grave the implications of this will be for jobs, the economy and the financial security of Albertans.
“Much of this is due to the COVID-19 recession, but it has been made worse by a predatory price war led by Saudi Arabia and Russia, who are trying permanently to damage North America’s energy industry.”
Bratt said that while Kenney did reference the Keystone XL pipeline project as an important energy investment made by the government, as well as the work being put into collaborating with its federal counterpart and the U.S in regards to the energy sector, when it came to the province’s economic future, “he didn’t go into the same degree of details, the same strength of numbers as was on the health side.”
While the PST has been a difficult policy option for governments in the past, the COVID-19 situation has put the government into a spot that would be tricky to get out of without it, Mensah said.
“It’s the time to really put aside the ideology of fiscal conservatism,” Mensah said. “I think there’s room for a modest PST, to generate revenue in these uncertain times. You could even put a sunset on the PST— you could have it for five years or so, for the revenue to start to improve.
“The government really has to re-calibrate here and come up with an alternate approach to the province’s finances,” he said.
Kenney has shut down PST idea
However, on March 9, just over a week before Alberta declared a health emergency due to COVID-19, Kenney shut down the idea.
“I cannot imagine a dumber thing to do in the midst of a time of economic fragility, an oil price collapse and a global recession, than to add a multi-billion-dollar tax on the Alberta economy and on Alberta families,” he said.
Jason Kenney says government will not implement a PST
“You’re talking about a PST that would generate several billion dollars of revenue. That would take several thousand dollars out of the pockets of Alberta families at the worst possible time.
“This government is not going to take thousands of dollars out of people’s household budgets at a time of real economic challenge,” Kenney said.
On Wednesday, a spokesperson for the premier said in a statement that Kenney’s previous comments on the idea of a provincial sales tax still stand.
Cases of COVID-19 have spiked and mass layoffs have been handed out in Alberta since March 9, when there were just seven confirmed cases in the province. Just under a month later, on April 8, there were 1,423.
© 2020 Global News, a division of Corus Entertainment Inc.
CNN Poll: Views of economy plummet as financial hardship from coronavirus hits half of Americans – CNN
The OnePlus 8 series will be the first with wireless charging, and it’s super fast – The Next Web
Saskatchewan Health Authority released health system readiness model for COVID-19 – Assiniboia Times
And now the good news about media-fueled ‘panic’ – Asia Times
Iran anticipates renewed protests amid social media shutdown
Popular Richmond BBQ spot speaks out about coronavirus rumours after man collapses outside restaurant – Vancouver Is Awesome
Real Estate Board of Greater Vancouver reports January housing sales up 42.4 percent
- Tech22 hours ago
Samsung retargeting Apple iPad Pro line with new 12.4, 11-inch Galaxy Tabs for 2020 – Notebookcheck.net
- Sports15 hours ago
Dana White responds to reports of UFC 249 happening at Tachi Palace Casino – BJPENN.COM
- Health15 hours ago
Province releases planning scenarios for COVID-19, prepares for 153000 to 408000 cases – battlefordsNOW
- Politics21 hours ago
Gen Z was fed up with the status quo. The coronavirus could reinforce their liberal politics. – Washington Post
- Art17 hours ago
What Can We Learn From the Art of Pandemics Past? – The New York Times
- News18 hours ago
Ontario conducting fewer COVID-19 tests daily as cases keep climbing – CBC.ca
- News19 hours ago
Ontario loosens pot rules; 23 Canadians held at federal quarantine sites; U.S. songwriter John Prine dies – Toronto Star
- Art19 hours ago
This Couple Made A Tiny Art Gallery For Their Gerbils And It Is Perfection – BuzzFeed News