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How COVID-19 is Shaping the Victoria BC Economy

How COVID-19 is Shaping the Victoria BC Economy

Source: Douglas Magazine

Author: Dallas Gislason

An economic development professional shares the emerging trends in the Victoria economy: What is changing and where we should be aiming.

What is it they say about economists? Oh yeah, they are people who are paid to make incorrect predictions about the economy. And now is perhaps the most unprecedented and difficult time to make predictions because there are many unknowns. These range from the implications of prolonged border closures to the risk of a second (or third) wave of the pandemic before a vaccine becomes available. Economists are predicting everything from U-shaped recoveries to prolonged L-shaped recoveries. The Economist itself put forth its “90% economy” thesis, as several sectors will not be able to contribute to GDP output anytime soon.

What’s my prediction about the Victoria economy? Well, I’m no economist (but I can still be wrong!). However, I am an economic development professional and this gives me a unique perspective on this region, including its diversity, its rural and urban spaces, its economic composition, and the entrepreneurs and consumers that make its economy function.

As you’ve already witnessed, the Victoria economy is hurting. While the government relief measures are helping, there’s still a long way back to normal. And normal will look different than before. Here are some potential new realities as we move into our region’s unpredictable economic future.

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