There is not just one thing that most individuals have to be concerned about with the aftermath of the Pandemic. Most are dealing with the worry about the virus still being active and affecting their health. Then there is the immediate uncertainty about their finances. Several are wondering if they are going to be able to return to work. Then aside from these immediate concerns thought has to be given to the future as well if there is going to be a slow economy to deal with.
What Are The Expectations
Everyone’s financial situation is going to be unique. But, what everyone does have in common is everyone has to plan for the immediate future. Referring to the post-pandemic era.
Adapting To The New Normal
The “buzzword” during this rocky time period has been “the new normal”. So naturally this is going to have to be applied to your financial planning. In order to keep control of your financial situation you need to have some idea of how the economy is going to fare. The problem is even the experts are not sure about this.
The Expert Opinions
In the United States the president is promoting that has soon as the threat of the COVID-19 is passed that the US economy is going to boom. Canadian leaders are not touting a claim such as this because in reality nobody is totally convinced as to what is going to happen.
Reality Check
All indications are that the economy is not going to bounce back during the summer. Experts are predicting that it’s going to be a uphill battle for many months to come and it will make the Great Recession look like a piece of cake.
Why Is This Likely To Happen?
Many think that if the virus threat dramatically drops during the summer months that business will be as usual. After all the Canadian government has really stepped up to the plate and tried to lift the financial burden off of the public and businesses. So why isn’t this enough? The reason being is because it’s not going to be business as usual.
- Some businesses cannot operate with the restrictions that are going to be necessary to prevent the virus from escalating again.
- A lot of the businesses that are going to be able to operate will not be able to generate enough money to handle the social distancing that is going to be in place. This means less employees will be needed.
- Several businesses were in tight financial situations that all it took was one major blow to put them under. This is leading them to closing their doors or bankruptcy.
- Even if a business is fortunate enough to be fully operational the general public is nervous about venturing out and returning to their normal lifestyles.
Taking The Doom and Gloom For What Its Worth
There is no argument that if those who believe the economy is going to falter that it’s a doom and gloom forecast. However it is not one that leaves us without options. There are two major approaches to how we can accept this. If you are interested in what these are then check out tomorrow’s post which is going to be “How To Adapt To The New Normal”.
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