April 20, 2020 – Governments must employ a risk management approach to facilitate a gradual reopening of the economy, says the C.D. Howe Institute’s Crisis Working Group on Household Income and Credit Support.
At their April 14 meeting, members agreed that ending the lockdowns and restarting the economy will require a risk management approach on the part of governments, as they balance imperatives related to public health, healthcare utilization, the economy and public finance. Members also recognized that industry can play an enormous role in offering a way forward in the return-to-work strategy.
Best practices surrounding the reopening of the economy should include:
- Cooperation across governments in determining appropriate timing in lifting restrictions that may vary across regions and sectors;
- The creation of industry-specific task forces to provide insights and protocols on how to protect workers, including vulnerable groups, and how to meet the unique health and safety needs of their industry;
- Child care considerations as parents return to work and schools remain closed; and
- Continued financial support for the most vulnerable workers who are not yet able to return to work.
The group of economists and business leaders is co-chaired by Michael Horgan, Senior Advisor at Bennett Jones LLP and former Deputy Minister of Finance, Government of Canada; and Kathleen Taylor, Chair of the Board at Royal Bank of Canada.
For more information, please contact: Parisa Mahboubi, Senior Policy Analyst, C.D. Howe Institute; or Nancy Schlömer, Communications Officer, C.D. Howe Institute, phone 416-865-1904 ext. 0247, email: email@example.com.