NEWS RELEASE
TIMMINS CHAMBER OF COMMERCE
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Today, the much anticipated results of the Canadian Survey on Business Conditions (CSBC) have been revealed. The initiative was a joint effort between Statistics Canada and the Canadian Chamber network and provides the most detailed insight yet into the impact of COVID-19 on Canadian businesses.
During the two-week period, the Timmins Chamber joined the network in canvasing its membership to participate and have their voice joined in the pan-national survey.
Val Venneri, President of the Timmins Chamber, was pleased with local member participation. “We know that our Northern businesses often share unique challenges, operating in rural and remote regions, and we were pleased that our members had the opportunity to provide their input,” said Venneri.
Trevin Stratton, Chief Economist at the Canadian Chamber echoed Venneri’s comment adding, “the survey is Canada’s first comprehensive view into how our businesses are adapting, managing or, sadly, failing as the COVID-19 shutdown continues. Insights from more than 13,000 businesses bring into focus the time pressures businesses face to avoid closing their doors permanently. At the same time, the survey also shows how quickly the businesses that can are adapting to social distancing and preparing for the re-opening of the economy. The survey will provide critical information for governments as they develop and deliver their programs.”
The Chamber network was approached by StatsCan because of the unique connection Chambers of Commerce share with their members at the grassroots level and the power advocacy that they undertake on their behalf.
“Today’s official release of the data collected from thousands of Canadian business owners represents the innovative and unprecedented solutions needed to address the impacts of the COVID-19 pandemic. The unique partnership and collaboration between our two organizations demonstrates what can be achieved when organizations work together to provide the insights needed to navigate the way forward.
Through this collaboration we have advanced our collective ability to better understand the issues and challenges faced by Canadian businesses. Today’s results will provide an accurate picture of true impacts of the COVID-19 pandemic on the Canadian economy and will enable the best decisions at public and private sector tables across the country,” said Anil Arora, Chief Statistician of Canada.
The CBSC examined issues like the COVID-19’s impact on businesses, how businesses have adapted to the ongoing situation, challenges they continue to face and those they expect as the recovery begins. The survey compiled 13,037 responses and was in market between April 4, 2020 and April 24, 2020. For more information about the survey, click here.
Additionally, and in a timely release, the Ontario Chamber of Commerce launched their policy brief entitled Uncharted Territory: Assessing the Landscape for Ontario’s Economic Recovery Post COVID-19 to help inform relief and recovery efforts. This report is the first in a series of policy briefs touching on various aspects of the COVID-19 crisis.
To help guide Provincial recovery measures, the report outlines how the pandemic has caused global economic disruption and triggered unprecedented responses as governments and central banks enter uncharted waters.
“The inability of our members to make ends meet marks the beginning of what could be a swift deterioration of invaluable economic structures, such as supply chains, markets, investment, and credit facilities, irreparably harming Ontario’s future,” added Venneri. “We need to starve the virus, not the economy: immense and unprecedented relief measures will continue to be needed to preserve the economy through pandemic containment measures.”
As governments urgently contemplate policies to reopen the economy, the report outlines the tools capable of providing critical economic relief at a time when businesses need it most, and the risks of failing to act appropriately.
Uncharted Territory is the first in a series of COVID-19 policy briefs to be released over the coming months providing insights on the impacts of the pandemic on the business community.
The report also advises the Ontario government to continue to:
- Work with the federal government and Bank of Canada, encouraging the use of monetary policy in complement with fiscal measures, to preserve the economic viability of businesses. Though government can use debt financing and cash reserves to support businesses, monetary policy is needed to support credit market liquidity, private investment, and fiscal measures in funding direct relief; and
- Work with the federal government to implement a comprehensive COVID - 19 testing and tracing regime. The report explains that it is only through exhaustive testing and tracing of potential breakouts that businesses and their respective workforces will be offered confidence in their ability to work in a safe environment.
“Through robust and efficient relief measures, and working in concert with our public health system, Ontario commerce will once again demonstrate that its economy is one of the most resilient in the world,” stated Venneri.
To view the Chamber’s COVID-19 Business Toolkit, visit www.timminschamber.on.ca/COVID-19
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