Stay Informed

COVID-19 has created an unprecedented crisis for our economy – with social distancing shuttering most businesses. As Canadian companies shift to the recovery phase of the pandemic, the Toronto Region Board of Trade came forward with the Reimagining Recovery framework, a six-track plan to help businesses and governments navigate our economic futures.

In this interview, published on May 25, 2020, Jan De Silva, President & CEO of the Toronto Region Board of Trade, joins Richard Joy of the Urban Land Institute Toronto, and Scott Beck of Tourism Toronto, on Dave Trafford’s new podcast, The Next Normal, to provide a closer look at each recovery stage in the Reimagining Recovery framework.

Many young professionals have never lived through an economic downturn before and are currently undergoing immense financial and emotional pressure. Knowing the pressures they face, the Board sent them an insights questionnaire to find out how they are doing.

Data from the questionnaire – released on April 27, 2020 –  revealed that 90 per cent of young professionals are experiencing anxiety about the state of the economy. Results also highlighted the need for businesses to support their young leaders as they focus on gaining new project experience and upskilling. Click here to review the latest YPIQ results in more detail.

To respond to the needs highlighted in the insights questionnaire, the Toronto Region Board of Trade is activating its network of thought leaders and industry experts, who have led through various economic crises, to provide a suite of programs that include peer to peer mentorship as well as a webinars on Financial Planning, Managing Stress, Working Remotely, Virtual Communication and Intrapreneurship. To find out more about the Board’s Young Professionals Network (YPN), click here.

To support our region in these challenging times, the City of Toronto and the Toronto Region Board of Trade are partnering on a check-in with businesses to stay current on specific pain points and identify relief measures needed now and in a post-COVID-19 recovery period.

Participating in our Business Insights Questionnaire will help us better understand specific impacts on businesses related to the current crisis, supports needed to keep businesses afloat and the effectiveness of measures implemented by all three levels of government.

The data from the latest questionnaire – released on April 19, 2020 – revealed that Toronto businesses urgently need support with commercial rent, mental wellness and supply chain stability to stay afloat during the COVID-19 pandemic. Businesses are also calling for clarity and quick access to government relief programs. Click here to review the latest BIQ results in more detail.

The Board’s first questionnaire, published on March 24, indicated that small businesses have felt the pain of the crisis most acutely, and are undergoing dramatic changes in operations in staffing—including reductions.  Click here to read the full findings.