COVID-19 protocols will prevent 'economic disaster,' Saskatoon expert says

Dr. Bogoch on rising subvariant cases Infectious disease specialist Dr. Isaac Bogoch discusses the rise of Omicron subvariants and if there will be another COVID-19 wave soon.

SASKATOON — While measures to limit the spread of COVID-19 may cause layoffs in some sectors, it’s worth it in the long term, says a professor of finance at the Edwards School of Business.

"Closures and what’s going on is going to lay off lots of people or at least stop them from doing work. But over the long run it will save jobs and saves us from economic disaster,” George Tannous told CTV News.

It's too early to tell exactly how many people will feel a cash crunch, or for how long, he said. Depending on how long the economic slump lasts, effects could be felt in the real-estate market from slowing demand.

However, it’s not time to panic - once the virus is under control, a recovery will happen, he said. It's just a matter of when.

Saskatchewan is in a strong position with its agriculture sector, he said.

"Production of food is not dropping. It's increasing and more and more people in the world will have to be fed somehow."

The Saskatoon and Region Home Builders Association says the home construction industry is trying to hang on, but was already facing pressure.

CEO Chris Guerette said she's pleased with some of the measures put forward by Ottawa.and the partial PST rebate on new home builds from the province - but help from government needs to come quickly.

"We have recieved some emails and some texts of some very very concerned companies in the residential construction sector that are needing some relief or it's going to impact employment."