Economic resilience plan
The economic resilience plan maps out our approach to support people and businesses impacted by COVID-19. As we look to the future, we are aligning our plan to our enduring priorities and long-term strategies.
The Government of Yukon deployed supports across the economy at the start of the pandemic. This economic resilience plan builds on that strong work that resulted in Yukon making it through the initial pandemic with one of the strongest economies in Canada.
When these response programs were launched, we promised that we would monitor, adapt and respond. This plan reflects that commitment. We are adapting our response to reflect the evolving nature of the pandemic. Through renewed and extended initiatives, we are making deliberate and thoughtful efforts to respond to the unique challenges faced by different sectors. As the pandemic changes, our responses must change with it.
About the plan
The goal of the economic resilience plan is to guide Yukon’s economy back to pre-pandemic levels of productivity and chart a path beyond in a way that is consistent with our environmental and socioeconomic commitments. Economic recovery is not a single action, policy or program. It is a range of efforts with varying impacts that come together to achieve this goal. It also requires our partners to be flexible and innovative in their response to changing consumer behaviour.
The economic resilience plan outlines the approach the Government of Yukon will take to travel this path. As the pandemic progresses, our responses have adapted and will continue to evolve. This plan details how we will help our people, our businesses and our communities.
As we look to the future, the Government of Yukon will continue to monitor, adapt and respond to the changes needed to support recovery efforts. Our enduring priorities will continue to inform the framework of our recovery plan. The pillars within the framework will guide our focus and efforts to ensure Yukon’s:
- long-term resilience;
- growth; and
Download the plan
The road ahead
As we move through economic recovery, our framework will focus on 5 pillars:
- business supports;
- infrastructure development; and
- economic diversification.
To have a successful economic recovery, we need to have all Yukoners participate. This includes people of all ages and stages such as families, seniors, elders and children.
Jobs support the well-being of families and communities. For Yukoners to benefit from economic recovery, they need the right skills and access to good jobs. A match between employers and workers helps business stability and growth.
Businesses are the backbone of our economy. While some sectors have shown signs of recovery, others will need more help with:
- ongoing business assistance to adapt to new public health orders;
- reduced global travel; and
- changing consumer behaviours.
Some will benefit from investments in their products and premises to prepare for the new realities of recovery.
Infrastructure is an investment in Yukon's future prosperity. Infrastructure improvements make it easier to access resources and do business in Yukon. Many of the infrastructure projects planned prior to the pandemic align well with efforts to stimulate economic growth and diversification.
A diversified economy creates a stable environment for economic activity. To diversify Yukon’s economy, we are investing in the business ecosystem in ways that support entrepreneurship and the knowledge economy.
Supporting recovery in Yukon
As we navigate through the pandemic, our aim is to:
- minimize COVID-19’s economic damage;
- support Yukoners;
- support Yukon businesses; and
- establish a foundation for a return to growth.
Yukon’s plan is driven by adaptation and action. Environmental, social and governance-based investment principles are vital to all of our economic interventions.
We recognize the uncertain nature of the pandemic and the changing landscape of our economy. It is essential not to have a presumptive “one response fits all, through it all” approach. Businesses and sectors are moving forward at different rates and in different ways.
As a result, the Government of Yukon’s approach to the pandemic economic response is to:
Regular monitoring has been put in place across sectors of Yukon’s economy, particularly those hardest hit. The analysis of statistics, lived experiences of Yukon’s businesses, and economic indicators will inform the status and needs of our economy. The evolution of the pandemic, both locally and globally, will also determine local impacts that may arise.
We will use the information gathered to create Yukon-specific supports. This could mean developing new responses or adapting current supports to stay in step with the needs identified across our economy. Flexibility, timeliness and a willingness to adapt is key.
Our response will be guided by the needs of Yukon’s economy and our various sectors. We will continue to advocate at a national level to ensure our unique challenges are supported and that there is alignment with national programs.
Yukon’s economy rebounds with responsiveness and adaptability.
The economy shows indications of rebound across a range of sectors. These signs of return and other feedback mechanisms inform the Government of Yukon’s continued response. The ideal outcome is a Yukon economy that is strong, adaptive and responsive to the needs of Yukoners.
- unemployment rate;
- Gross Domestic Product (GDP) by industry; and
- wholesale sales.
Yukon communities recover and are resilient, and our partnerships
with First Nations are strengthened.
The Government of Yukon will continue to work with communities and First Nations’ governments. This helps us respond to the needs of Yukoners by sharing information and supporting health measures. Working in partnership has strengthened these connections and ensured Yukon communities and Yukon First Nations benefit from recovery.
- value of real estate transactions;
- migration; and
- retail sales.
Yukoners, including vulnerable citizens, are safe and healthy.
Throughout the economic recovery, we have followed health guidelines, managed disease transmission and treated those who are ill. Vulnerable populations receive specific supports that reflect their unique needs. We have helped, those with underlying health conditions or risk factors like unsafe housing, substance use, mental health challenges or gender based violence. Metrics include the Canadian Index of Wellbeing.
We recognize the global uncertainty going forward and we will continue to monitor and adapt our supports as needed. As the pandemic progresses, we will focus on meeting immediate needs while planning for the future well-being and benefit of all Yukoners.