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The economic impact experienced by consumer-facing service industries is uncharacteristic of a typical economic downturn. Services tend to be more resilient, explained Jock Finlayson, executive vice-president and chief policy officer of BCBC. The nature of these businesses made them more vulnerable to the consequences of government health restrictions.
“The negative impact has really been heavily concentrated in what I would call consumer-facing industries: accommodation, food services, leisure, entertainment, everything related to travel and tourism,” Finlayson said. “These are the areas of the economy that are still under water to a significant extent. A lot of the other sectors have rebounded.”
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