Alan Arcand, Chief Economist at the Canadian Manufacturers & Exporters (CME) & Canadian Manufacturing Coalition (CMC) – which the CHHMA is a part of, spoke to CHHMA members on Tuesday, June 16 via Zoom and provided an economic review of the impact COVID-19 has had on the Canadian economy and manufacturing industry and the outlook moving forward.
Mr. Arcand discussed how this pandemic-led recession is unique from any another economic downturn Canada or the World has seen before and pointed out how different parts of the economy have been impacted. Alan touched upon the unprecedented government response measures which have helped to stabilize the economy and prevent the situation from even being worse.
Alan reviewed some feedback from a survey that CM&E conducted with manufacturers recently on how COVID-19 has impacted their businesses and their views for recovery in the months ahead. He then presented some key Canadian economic data showing the negative impact the pandemic and shutdown measures have had as well as economic forecasts looking ahead for some of the main global economies as well as Canada overall and provincially. Risk factors for the forecasts were mentioned in addition to some thoughts on post-COVID impacts that might persist. Finally, Mr. Arcand answered a number of questions on a variety of topics from the audience.
We would like to thank Alan once again for his insightful presentation and for taking the time to speak to our members. We look forward to hearing from him again and our continuing co-operation with the CM&E/CMC.