'Easily' a decade before Canada's youth recover economically from pandemic, experts say

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'Easily' a decade before Canada's youth recover economically from pandemic, experts say
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The COVID-19 pandemic has been particularly hard on Canadian youth and questions have arisen about how long it will take for them to recover economically, and what that will look like post-pandemic.

published in October 2020, that “women, youth, Indigenous peoples and new Canadians were disproportionately impacted by the pandemic.”

That sentiment was echoed by Katherine Scott, a senior researcher at the Canadian Centre for Policy Alternatives’ national office in Ottawa, in a telephone interview with CTVNews.ca Wednesday. In the earlier stages of the pandemic last spring, Terrio said Canadians were phoning his firm “in a panic” and that many “fell back on resorting to consumer debt to make ends meet,” painting a bleak picture of what many youth are experiencing.

For young people in post-secondary education, the already daunting task of paying back looming student loans is compounded by loss of income and lack of job prospects. Scott says she’s thinking of two factors when examining the lens of long-term recovery - drawing on the example of the 2008 crash and the lessons learned in another recession that was “scarring.”

“They've got to get the vaccinations underway because I think this is about consumer confidence. People want to spend,” he said.

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