The WHO declared pandemic COVID 19 has created an astounding level of uncertainty across the world; infecting people in 185 countries & seemingly bringing a recession into reality. BBC puts Canada at 13th position among the most resilient countries of the world, according to 2019 data. The Canadian government, with hopes of moderating risks is taking unprecedented measures with COVID 19 and implementing social distancing, isolation of travelers, close monitoring of the COVID 19 cases, cash injections, and fiscal interventions.
COVID 19 has affected almost everyone in the economy, directly or indirectly. An astounding number of 2.1 Million filed for employment insurance in a matter of few weeks after lock down. With the news of ever-growing number of global infections and deaths, roads and shopping centers were deserted, schools cancelled, flights grounded, supply chains and businesses across the world were disrupted.
With the rising fear of the spread of the dreaded Virus, lock downs and quarantines, Travel has almost stopped. The Travel Industry which was already witnessing closures of Airlines and Travel Companies in the last Year, has come to a standstill. Most Airlines that were still functioning a few weeks ago are grounded, occupancy levels in Hotels are in their lowest ever and food service industry completely disrupted.
- On March 21st, 2020 the Hotel Association of Canada reported a decline of 50% of Hotel Occupancy. As of 2nd April, 2020, STR reports Canadian Hotel Occupancy at 14.8%.
- Canada’s Hospitality Workers Union
- Canada’s Food Service Industry, which employs around 1.2 Million Canadians estimates 800,000 job losses, reports Restaurant Canada
- More than 50% of the food businesses are closed
- As per Statistics Canada, in March, there were 12000 job lost in Toronto Restaurants.