There is an unfortunate irony to finalizing a report on community economic development during the second quarter of 2020. We are still in the midst of the global Coronavirus Disease 2019 (COVID-19) pandemic. It has taken a toll, not only of those who have succumbed, but on the friends and family of those who remain. We extend our thoughts and our prayers to those who have passed away, to those who are still suffering, as well as those who are providing relief, assistance, and leadership during this crisis.
Due to the ease of international travel, the human vector for this contagion has quickly spread it to the major economic regions of the world. In a belated attempt to curtail the virulence each national government, according to their own judgment, have shut down various facets of their local societies.
The result has been that global economic activity, which had shown signs of slowing already, has been plunged into a sharp economic recession.
For Moose Deer Point First Nation, the impact is mixed. While one driver of economic activity, the tourist season, appears as if it may be delayed, perhaps curtailed, or even postponed, another driver, the manufacturing facility at MDP, is running at full capacity. It is making plastic pre-forms for hand sanitizer bottles.
This is an immediate example of a community economic development principle:
“diversify your portfolio” . In other words, don’t put all your eggs in one basket.
Just as a healthy ecosystem needs a diversity of plants and animals to circulate nutrients, a healthy economy needs a diversity of job options to circulate money.
As with other disease epidemics, COVID-19 will eventually weaken, our health will recover, and social life will resume. What is less certain is how and when economic activity will restart. When it does, will the environmental and public health lessons we have learned affect business decisions? Will the way we conduct economic activity at the international, national, regional, and community level be changed? The opportunity to do things better has certainly been offered to us.
Please click the link to read the entire report.