As gloomy as Tuesday’s Gross Domestic Product (GDP) numbers were there are signs of much better days ahead.
GDP last year declined 5.4 per cent – the worst decline since records began.
But buried in those numbers CBC found encouraging economic news.
It found high levels of savings and government income support have bolstered the economic well-being of households, even those of poorer households whose jobs have been most affected by the pandemic. In fact,
Stats Canada numbers suggest the gap between the richest and poorest declined in the first nine months of last year.
All of this leading economic forecasters to believe we will be seeking out social interactions at nightclubs, restaurants and sporting events in relentless fashion when the pandemic ends.
It could be a scene reminiscent of the Roaring ’20s, in the wake of the 1918 flu pandemic and the First World War with a lot of spending and risk-taking.
Cinemas, automobiles, radios and airplanes! Bootleggers, booze, flappers and jazz! The twenties seemed to usher in a new modern age…people were eager to enjoy life in the 1920s.— canadahistoryproject.ca
Young people may be the key to this. If they feel well-off once the pandemic ends, they’ll want to get out and kick up their heels, spreading money into the wider community. Stats Canada numbers show during the first nine months of 2020, the youngest households saw their net worth rise by 10 per cent.