Follow the Oakville
Chamber of Commerce

Contact us at 905.845.6613

700 Kerr Street Suite 200 Oakville, ON L6K 3W5

info@oakvillechamber.com

8 Ways COVID Will Transform the Economy and Disrupt Every Business

If there’s one lesson from the pandemic of 2020, it may be this: We are biological beings in a digital age.   No matter how much technology we have, we’ve discovered we cannot escape nature’s grip. And yet, no matter how humbling this crisis has been, it reminds us that even a massive jolt to the planet cannot change the trajectory of the Fourth Industrial Revolution. If anything, we’re emerging from this crisis with an even greater desire to harness smart technologies, artificial intelligence, and vast pools of data to transform pretty much everything we do. COVID did not crush the future. It merely brought it forward. In the short term, the economic recovery won’t be as fast as the consumer and social changes that are hitting every business and community. The scar tissue will take time to heal. We estimate that even with a modest recovery, the Canadian economy will operate below pre-crisis levels until 2022, and the loss of economic output for Canada may exceed $1 trillion. But when the recovery takes form, and entrepreneurs head back in the water, they’ll find pearls of opportunity. Yes, the novel coronavirus that induced a massive global recession is also unleashing waves of innovation as we change the way we work, shop, eat and travel. And compa-nies, old and new, that are seizing on this sea change in human behaviour are starting to grow. In this report, we look at eight major trends underway in the world, and pinpoint the possibilities for savvy business operators, investors and innovators. As history likes to remind us, with unprecedented times come unprecedented opportunities.  

1. How we work

More home-offices, less paper, more productivity  

What we’re seeing

What this means

+Up

 

-Down

 

2. How we shop

More shipping, more local, more driving  

What we’re seeing

What this means

+Up

 

-Down

 

3. How we watch

More binging, more culture, more global  

What we’re seeing

What this means

+Up

 

-Down

 

4. How we share

More bandwidth, more data, more hacks  

What we’re seeing

What this means

+Up

 

-Down

 

5. How we travel

More local, more modest, more active  

What we’re seeing

What this means

+Up

-Down

 

6. How we heal

More protection, more screening, more spending  

What we’re seeing

What this means

+Up

-Down

 

7. How we learn

More remote, more personal, more interactive  

What we’re seeing

What this means

+Up

-Down

 

8. How we trade

More protectionism, fewer imports, higher prices  

What we’re seeing

What this means

+Up

-Down

   

Learn more at rbc.com/8trends

 

Watch John present this report at the Chair’s Community Forum.

  By John Stackhouse John Stackhouse is a nationally bestselling author and one of Canada’s leading voices on innovation and economic disruption. He is senior vice-president in the office of the CEO at Royal Bank of Canada, leading the organization’s research and thought leadership on economic, technological and social change. Previously, he was editor-in-chief of the Globe and Mail and editor of Report on Business. He is a senior fellow at the C.D. Howe Institute and the Munk School of Global Affairs and Public Policy. His latest book is Planet Canada: How Our Expats Are Shaping the Future, which explores the untapped resource of the millions of Canadians who don’t live here but exert their influence from afar.