COVID-19 RESILIENCE AND BUILDING BACK BETTER

One of the main testimonies to Canada ’ s F & I strength has been its response and resilience during the Covid-19 pandemic . In an OECD forecast published in May 2021 it was stated that , financially , “ Canada remains less severely hit by the pandemic than the most affected countries .” How has Canada been able to do this ?

Firstly , compared to most other developed countries , Canada has

Events , both on a regional and international level , are integral to the process of connectivity and knowledge sharing in F & I , as well as the wider economy

been able to keep Covid-19 cases and fatalities relatively low . In June 2021 , Canada had the joint second lowest deaths per 100,000 people within the G7 . In comparison , the US recorded more than double that figure . The Bank of Canada has argued that the country ’ s F & I ’ s sector “ has acted as an important shock absorber to help fill the financial gaps that so many households and businesses are grappling with due to the Covid-19 pandemic .”

Canada is now looking for ways to build back better and further strengthen its F & I sector . One of the ways is looking to become more meaningfully sustainable . Covid-19 has provided Canada ’ s traditional F & I sector the space to improve or change practices in recognition of the climate crisis . The acceleration in development and adoption of new technologies and new working practices – including meeting practices – are some of the drivers forging a new paradigm in the working environment .

Likewise , the industry has an

opportunity to re-structure its workforce on new principles . Canada ’ s unemployment increased from 5.7 % in 2019 to 7.9 % in 2021 . During the period of rehiring and reskilling that is to come , there is an opportunity for the F & I sector – and the wider Canadian economy – to challenge old practices of recruitment to create a more flexible , inclusive and equal workforce .

A stable economic environment , active support for innovation and start-ups , and strong connectivity between academia and industry has been key to speeding new ideas into practice . This holistic approach has not only benefitted the country ’ s F & I sector but has also bolstered the meetings industry . Events , both on a regional and international level , are integral to the process of connectivity and knowledge sharing in F & I , as well as the wider economy , and Canada is well equipped with world-class venues to provide this platform for business and trade to return and prosper .