Pandenomics is a podcast series looking at the economic impact of the COVID-19 pandemic and what the coming months may hold for Canadians.
In the third episode of Pandenomics, we examine how Canadian businesses are coping during the COVID-19 pandemic. Businesses in Canada that rely on in-person customers in sectors such as travel and hospitality are among the most impacted by COVID-19 related restrictions, which were eased over the summer but are now being re-introduced in several provinces as the weather cools.
Scotiabank's Director of Economic Forecasting Nikita Perevalov breaks down how hospitality and retail sector businesses are among those taking the biggest hit, while spending on home entertainment and digital services are at higher levels than last year, according to the Bank’s analysis of customer transaction data. He also explains how the number of Canadian businesses closing up shop for good in an average month is much higher than pre-pandemic, but new businesses continue to launch despite the difficult economic climate.
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