With COVID-19 receding, the possibility of an economic downturn is becoming a stronger reality. The majority of Canadian financial institutions are predicting a slowdown in the next year.
While the short-term slowdown effects of layoffs and cutbacks make headlines, the long-term impacts typically go unnoticed and unaddressed. The lasting scars of economic shocks, particularly for young people, lead to lower lifetime earnings and increased social exclusion, undermining Canadians’ economic, physical and mental health.
In their latest piece for The Globe and Mail, Century Initiative’s CEO Lisa Lalande and the Future Skills Centre Executive Director Pedro Barata examine the issue of ‘labour market scarring’ on youth in the wake of economic shocks. Read the op-ed here: Young Canadians are staring at a bleak future of diminished economic prospects.