Resilient Cities with Richard florida
How can we minimize the impact of the COVID-19 pandemic on our economy? What’s the importance of business resilience in doing so?
Communities with more resilient economies experience less shock. And economies that are both resilient and high- growth experience shorter recovery periods. This pandemic has provided us with an opportunity to take measure of our regional and city economies and to better understand the fundamental drivers. A key to our future resiliency is the continued growth and development of diverse, export- driven economies across Canada. Surprisingly, some clusters across Canada have an opportunity for expansion during this time — transportation, e- commerce, and health sciences— while others will need support. Economic development officials across Canada must assess the sectors that are most vulnerable in the short to medium run, evaluate the impacts this will have for their labour markets and communities, and plan accordingly to make their economies more resilient and robust.
What actions need to be taken to ensure the well-being of small- to medium- sized businesses?
The small businesses that add character to our cities are at severe economic risk right now. Loan programs from governments, foundations, and the private sector as well as support from small business and technical organizations will be essential for ensuring these businesses survive. But economic development and small business organizations will also need to provide technical assistance to these vital small businesses so they can safely reopen and weather the storm of any future lockdowns. For example, restaurants and cafes will need advice on proper spacing for social distancing and on required compliance with health and safety provisions. We can’t just provide financial support; we also have to help our businesses navigate the challenges that social distancing and increased health protections bring as we start to reopen.
What do you think the outcome of the pandemic will be and what will it mean for the future Canadian economy?
If Canada moves forward with a commitment to a more resilient and inclusive approach to development, it will strengthen its global position. Cities like Toronto and Vancouver are already critically important global, innovation cities. Let’s build upon their strengths and capabilities, positioning our cities as leaders developing inclusive, innovative ecosystems.