question archive Please i want you to write this document in your own words
Please i want you to write this document in your own words
Subject:AccountingPrice:9.82 Bought3
Please i want you to write this document in your own words. This is my turn it in assignment otherwise there will be plagiarized.
Pandemic created panic and fear in people's mind and caused a lot of pain around universe. Some of the countries such as China and India imposed the proper lockdown and most of business were shut down and this drastically effected businesses of the world and world economy. Even the world's most powerful economies get disturbed by it including the China, America and Canada. As, we discussed in our report about the "Effect of pandemic on the economy". In previous report we covered all the aspects, about the effects of pandemic, around the world and as well as on economies of America and Canada. However, now we will be discussing about the effects of pandemic in Canada with few examples, and relevancy of the topic in the post pandemic period in the following paragraphs.
First of all, the Real GDP of Canada in 2019 was at much higher rate [approximately near 525Billion] and it dropped and reached to near around 460 billion in quarter 2 of 2020 when COVID 19 pandemic started and economy of Canada faced the crises due to it. The one of real example of the effects Pandemic created on Canadian people is that, for so many Canadians, job uncertainty is one of the main causes of concern during the pandemic. Layoffs, coupled with unexpected emergency costs, have left some reeling. Moreover, Small business owners, the self-employed, and seasonal workers are among some of the hardest-hit amid the ongoing economic uncertainty, and some say it may impact their financial stability for years to come [CCTV News, May 2020]. Further, Physical distancing requirements at the onset of the pandemic in March walloped the real estate industry because realtors couldn't host open houses, and buyers were concerned about the future. April 2020 year was the worst April for home sales in almost 40 years. When COVID started and Canada faced major downfall in economy and unemployment rate in Canada skyrocketed and reached at its peak point in the history of Canada [around 14%]. In 2020, the economy of Canada declined at the rate of -5.4%. Traditional supply chains have been disrupted by the dramatic and unpredictable changes in consumer demand and behaviours driven by the COVID-19 pandemic, labour shortages in key sectors, particularly Canada's food and farming sectors. Some suppliers and manufacturers have been forced to pivot their own business models as their traditional customers have shuttered operations and grocery chains and other food retailers have bolstered their ecommerce channel to meet increased consumer demand. For example, Sysco Canada, the country's largest supplier to the hard-hit restaurant and hotel industries, has launched an online bulk grocery platform to sell products directly to household consumers for the first time in its history. As coronavirus spreads across the U.S., retail sales have jumped while foodservice demand has dropped, forcing many food companies to change their expectations and plans for 2020. For example, McCain Foods, the pandemic has cut into French fry demand, prompting farmers to dump potato crops because of a surplus. Now, the spud producer is halting expansion efforts as it takes a financial hit. McCain Foods paused its plans to expand a facility in the U.S. as foodservice demand has declined during the pandemic.
There is importance of research and by knowing it we can actually make an advantage for ourselves in post pandemic period as well. As, we knew when GDP was down, the economies and stock markets were in panic, and if research on effects of pandemic like COVID is known by me, it would have benefited me. This could tell the trend of panic selling in stock markets and this would have resulted in investing in companies from extra savings as it was best time to invest. Moreover, because of GDP going down, in order to maintain supply and demand in the market, government and Bank of Canada initiated Monetary and Fiscal policies, that resulted in low interest rates on the mortgages, and with the research, I could have known this and could have applied for home loans and would have sell home after some time as the inventory became low and demand increased because of interest rates and price of homes hiked up colossally. In the post pandemic period, knowing the effects pandemic created, people can actually plan things accordingly, such as savings and investments according to it, and reduce spending so as to save money. In post pandemic, the things will be normal, and the interest rates in the bank will be again high and the company will start doing good and investments would increase, and all of this research will be beneficial. For instance, during this time, markets such as stock market and real estate are at full time high. However, we are not even fully recovered from pandemic, this way one can imagine how would be scenario of post pandemic period.
Overall, the Canada faced the real damage to the GDP and it created a lot of problems to the people and companies, such as employment rate increased and companies have to give up their traditional values and many more. However, the effects of pandemic created a lot of awareness around the world on how to handle and be prepared for the economic crises like this.
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Pandemic induced terror and anxiety in people's minds, as well as a great deal of suffering throughout the cosmos. Some countries, such as China and India, implemented a complete lockdown, with the majority of firms shut down, having a significant impact on global business and the global economy. Even the world's most powerful economies, such as China, America, and Canada, are affected. As we noted in our research on "The Economic Impact of Pandemics," In a recent paper, we discussed all areas of pandemic repercussions around the world, as well as on the economy of the United States and Canada. However, in the following paragraphs, we will analyze the repercussions of the pandemic in Canada with a few examples, as well as the topic's relevance in the post-pandemic period.
To begin with, Canada's Real GDP was significantly higher in 2019 [roughly near 525 billion dollars], but it sank to around 460 billion dollars in quarter 2 of 2020, when the COVID 19 pandemic broke out and the country's economy was thrown into chaos. One genuine illustration of the pandemic's effects on Canadians is that job insecurity is one of the major causes of fear for many Canadians during the outbreak. Layoffs, along with unexpected emergency expenses, have left some people in a state of shock. Furthermore, small business owners, self-employed individuals, and seasonal workers are among the hardest hurt by the prolonged economic uncertainty, with some predicting that it will have a long-term impact on their financial stability [CCTV News, May 2020]. Furthermore, at the start of the epidemic in March, physical distance regulations wreaked havoc on the real estate market, as agents were unable to organize open houses and purchasers were apprehensive about the future. April 2020 was the worst April in over 40 years for home sales. When COVID was launched, Canada's economy was in free collapse, and the country's unemployment rate soared to its highest point in history [about 14 percent].Canada's economy shrank by -5.4 percent in 2020. Conventional supply chains have been affected by the COVID-19 pandemic's drastic and unanticipated shifts in consumer demands and behavior, as well as skills shortages in crucial sectors, especially Canada's food and agriculture industries. As old customers shut down activities and grocery stores and other food retailers bolstered their ecommerce channels to meet rising consumer demand, several vendors and producers have been compelled to pivot their own business strategies. Sysco Canada, the country's biggest supplier to the hard-hit hospitality sectors, has, for the first time in history, created an online bulk groceries platform to sell products directly to domestic consumers. As the coronavirus spreads across the United States, retail sales have increased while foodservice demand has decreased, prompting many food corporations to rethink their 2020 plans. According to McCain Foods, the pandemic has reduced demand for French fries, causing farmers to abandon surplus potato crops. Now, the potato grower is postponing expansion plans due to a financial setback. McCain Foods has put on hold intends to grow a factory in the United States, citing a drop in foodservice demand during the pandemic.
There is value in research, and by understanding it, we can gain an advantage in the post-pandemic period as well. As we all know, when GDP falls, economies and financial markets panic, and if I had known about research on the effects of pandemics like COVID, it would have helped me. This could indicate a tendency of panic selling in stock markets, which would have resulted in excess savings being invested in companies because it was the greatest moment to invest. Furthermore, as a result of the decline in GDP, the government and the Bank of Canada used monetary and fiscal measures to preserve supply and demand in the market, resulting in low mortgage interest rates, and according to the research, I might have understood this and applied for home loans, then sold my property over a period of time as inventory became scarce and demand surged due to rising interest rates, causing home prices to skyrocket. Knowing the effects of the pandemic in the post-pandemic period allows people to plan things like savings and investments properly, as well as minimize expenditure to save money. Things will return to normal after the pandemic, with bank interest rates returning to high levels, the corporation performing well, and investments increasing, and all of this research being useful.For example, markets like the stock market and the economy estate are at all-time highs at this time. However, we are still recovering from the epidemic, so one may picture what the post-pandemic scenario might be like.
Overall, Canada's GDP was severely harmed, resulting in a slew of issues for citizens and businesses, including greater unemployment and the need for businesses to abandon traditional values, among other things. However, the effects of the epidemic raised global knowledge about how to deal with and prepare for economic crises like these.
