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B.C. has done a good job containing the Covid-19 outbreak, but that doesn’t mean it will escape lasting economic fallout.
Ken Peacock, vice-president and chief economist of the Business Council of B.C., gave members of the B.C. Trucking Association an economic update June 11, dousing any hope of a speedy recovery. Peacock said he believes non-essential travel will remain restricted through the end of the year, that a vaccine will take at least 18 months to develop, that businesses will fail as government stimulus runs out, and that many temporary layoffs will become permanent.
On the other hand, trends that were already emerging – such as telecommuting and increasing e-commerce – have accelerated and will be here to stay, Peacock predicted.
