EOLC Webinar Recording: COVID-19 Impacts on Eastern Ontario Economy
Eastern Ontario, June 26, 2020 – Last Friday, June 19, the EOLC and Limestone Analytics held a webinar regarding the impact of COVID-19 on the Eastern Ontario economy, in the presence of approximately 50 attendees from across the region.
The EOLC is providing a recording of the webinar in order to assist in sharing the data modelling work that Limestone Analytics has provided regarding the impacts of COVID-19 and preliminary work on recovery scenarios. The EOLC encourages stakeholders to watch and share the recording, which is available via Google Drive here.
The report prepared by Limestone Analytics estimates that between February and April 2020, COVID-19 reduced the region’s Gross Domestic Product (GDP) by about $1.8 billion, and has reduced employment by the equivalent of 64,000 full-time jobs.
Using tailored input-output modelling techniques, Limestone Analytics has also created four projections for what the GDP and employment impact could be by the end of 2020. The cumulative impact on GDP ranges from a low of -$6.6 billion to a high of -$8.1 billion, depending on the scenario. The projected impact on full-time equivalent employment ranges from a loss of 56,000 jobs to a high of 73,000 jobs.
In addition to modelling impact and formulating a range of forward-looking scenarios, Limestone Analytics also created an online dashboard so that viewers can see how the pandemic’s impact varies across the region and across sectors.
The EOLC wishes to thank Kelly Pender and Justin Bromberg for organizing and co-hosting this event. Please direct any follow-up comments or queries related to content to:
Kathryn Wood
Project Coordinator, EOLC
613-376-6006
The EOLC wishes to recognize the financial support of the Ontario government in these projects. To learn more, please visit www.eolc.info or write to contact@eolc.info.
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