We are hard pressed to point a finger at leaders at a time when provincial and federal governments have stepped up to support the livelihoods of both people and businesses. Their efforts are truly commended and appreciated.
But the future should not be business as usual. It can’t be, not if we are to rebuild our economies in Atlantic Canada. We must take great care to preserve and support the surviving businesses because we need a growing economy on the other side of COVID-19.
To be clear, COVID-19 is not the main reason for our call for change. The Atlantic provinces faced severe population, fiscal and growth challenges prior to the pandemic and they will certainly be present following it—only compounded by the devastation we anticipate because of the shutdown. Of course, protecting health was necessary and appropriate. That is not called into question.
Because of these persistent challenges, we have been calling upon governments to make decisions through a business impact lens to encourage continued private sector investment, job creation and growth. But our call-to-action has found new meaning in the aftermath of COVID-19, it is now an operational imperative—not a nice to have, but rather, a must have.
If we are to rebuild a resilient economy, we must all re-evaluate priorities, adopt new processes, and ensure decisions do not negatively impact the ability to invest and conduct business. Adding new costs or increasing regulatory complexity will hinder the economic restart, ward off potential investors, or worse, be passed on to consumers.
The fact is COVID-19 has shifted the need for change into high-gear. We have been pushing our fiscal fate down the road to future generations for years. However, the legacy of the pandemic will no longer allow this. We will find ourselves faced with a mountain of public debt and fiscal challenges unlike any recession had delivered in the last few decades. To reduce the drain on the economy, businesses and governments will need to be more productive—increasing their ability to efficiently complete work, produce products or deliver services.
A return to a growth economy will require hard choices in the coming months and years. But to make these choices prudently requires understanding direct and indirect consequences of intended actions. It is why research is conducted and intelligence gathered in nearly every field: to reduce the risk of negative outcomes and increase the potential for positive results.
The last few weeks have provided a sobering glimpse of our world when there is a lack of business activity. The need to rebuild and sustain economic activity that provides jobs and stimulates consumer spending is clear.
Recent experience with COVID-19 reinforces the need to avoid adopting measures to solve one problem by creating another. We are asking governments at all levels to assess the potential effects of any new tax or regulatory requirement by making a Business Impact Assessment a mandatory requirement of decision making.
Sheri Somerville is the CEO of the Atlantic Chamber of Commerce, a nationally accredited organization representing the network of 94 chambers, 27 corporate partners, and more than 16,000 businesses in Atlantic Canada.
