There can be no doubt, the COVID-19 pandemic has hit every home, every business in one way or another, and every major industry. With such a widespread impact on the lives and the economy, it will be no easy task to recover from this.
At this point, there are so many unknown factors that will come into play, both now as we struggle through the ongoing restrictions, but later as recovery starts to become possible.
Likely a recovery to “normal” activities will be possible in some areas before others. Saskatchewan is one of those jurisdictions that has handled the pandemic fairly well, and this province may be able to begin ramp up activities again before places like Ontario and Quebec, where the pandemic has taken a much bigger toll.
More details on how this might start happening came from the premier on Thursday, but there is a basic principle that needs to be observed, however long it takes to return to normal: moderation is a virtue, and caution is better than haste.
From a young age, children are told that “too much of a good thing can be bad.” The temptation will be to just rush right out and try to make up for lost time.
This could be disastrous, if people aren’t patient and just jump right back into their activities.
While this initial wave of COVID-19 may have not hit you or your family directly, there is the possibility that a second wave of the virus could sweep through if people aren’t being careful.
In the meantime, major industries are buckling under the sheer weight of this worldwide pandemic. The beef industry is reeling after COVID-19 hit the packing industry, and the oil industry is looking at shutting down all oil production because of the excess supply of oil.
The price of oil had already been tanking, and the price of gas has been coming down significantly as a result — but when the oil price actually went negative on April 21, this made everyone realize this is truly a very serious situation.
The price recovered somewhat the next day, but the fact is, oil producers here in the southeast and all over Canada and the U.S. have to curtail production due to the reduction in travel by air and by highway.
The worldwide demand for oil is down by at least 30 per cent, and when activities resume, it will take a long time to use up all that surplus.
It will also take a long time for the economy as a whole to ramp up again, and there may be some major adjustments needed in all of our lives, and in businesses and industries.
The sheer scale of the pandemic is hard to fathom for most people, and it’s going to impact world history and our lives for a very long time to come.
