Release Date: October 23, 2020
Statistics Canada has released an article that assess the impact on the Canadian economy of travel restrictions related to the COVID-19 pandemic.
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This Economic Insights article presents a range of estimates, using different scenarios, of the impact on the Canadian economy of the travel restrictions imposed to contain the spread of COVID-19. These scenarios represent several possibilities based on when travel restrictions are lifted and the speed of recovery. Based on an impact analysis using input–output multipliers, the results suggest that the travel restrictions could have a significant impact on the Canadian economy. The longer it takes for restrictions to be lifted and the slower the recovery, the larger the likely impact.