EDMONTON — As Alberta begins to gradually reopen its economy, recent data reveal COVID-19 and low oil prices continue to devastate Alberta's business community, with many of the impacts worsening as the crisis continues.
The data are the result of a business impact survey that the Alberta Chambers of Commerce (ACC), Community Futures Alberta, and Economic Developers Alberta conducted online between May 14 and May 22, 2020 to coincide with the first nine days of Alberta's economic reopening. It was the second survey of an ongoing COVID-19 and low oil prices research project, with the first survey of the project taking place between April 10 and April 26, 2020.
The overall business impacts of COVID-19 and low oil prices remain relatively unchanged from April to May, with 90 per cent of respondents continuing to report that COVID-19 is negatively impacting their business and nearly three quarters of respondents still saying the same for low oil prices. However, there has been an increase in businesses of all sizes reporting they have had to lay off employees or reduce their hours.
"These data are a stark reminder that despite Alberta's relaunch, we have a long road ahead to economic recovery. There's no quick fix or overnight solution," says ACC President and CEO Ken Kobly. "Our businesses––especially those that are smaller and newer––need our continued support to survive these conditions and continue contributing to our communities."
The ACC plans to release the full survey report later this week.
-- 30 --
For further information or comment, please contact:
Ken Kobly
President and CEO
Alberta Chambers of Commerce
(M) 780.975.1659
(P) 780.425.4180 Ext.5
