The shutdown to contain COVID-19 hit Atlantic Canada’s economy hard, according to APEC's latest report summarizing the economic effects of COVID-19 and assessing how the recovery is progressing.
The Atlantic region is recovering faster than nationally due to its success in largely eliminating the virus within the four provinces.
After shedding more than 171,000 jobs between February and April the Atlantic region regained 61% of these jobs in the following three months. Despite these encouraging numbers since May, it could be a while before employment fully recovers.
As businesses and policymakers plan for the next phase of the recovery, APEC urges them to take account of the long-term trends affecting Atlantic Canada’s economy. These include our demographics and shrinking labour force, changing supply chain risks, digitalization and automation, and environmental sustainability.