Atlantic Canada’s independent voice on economic issues

Whats New View

The Economic Cost of COVID-19: Supporting the Recovery of Indigenous Firms & Communities

Date: September 29, 2020

Atlantic Indigenous communities and businesses are facing significant revenue and operational challenges due to COVID-19, according to APEC’s latest research. The report highlights measures to alleviate these challenges.
APEC expects own-source revenues of Atlantic Indigenous communities will drop by about 40% in 2020. The pandemic has resulted in lower revenues from fishing, gaming, retail, hospitality, and tourism. Prior to the pandemic, the Atlantic Indigenous economy was valued at $1.1 billion.
More than 2 out of 5 Atlantic First Nation businesses are expecting their revenues to drop by at least 50% because of COVID-19. This is a much higher proportion than the 30% for all Atlantic businesses.
Federal and provincial governments have taken some important steps to provide funding for Indigenous communities and businesses. APEC recommends further support is needed, including broadening eligibility requirements for the Canada Emergency Wage Subsidy and doubling the investment in the Indigenous Community Support Fund.

Download the full report and 4-page Policy Brief here. 

Copyright © 2021 - Atlantic Provinces Economic Council. All rights reserved.Website Design by Cossette