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Atlantic Bubble as an Economic Initiative
Introduction
Since November 2019, different regions across the globe have encountered numerous challenges due to the ongoing coronavirus disease of 2019 (COVID-19). Governments and local agencies have considered past case studies to implement economic strategies that have the potential to minimize the impacts of the imposed travel restrictions and lockdown measures. In Canada, evidence-based strategies and measures have emerged that are intended to change the situation and support more citizens. This essay describes the Atlantic Bubble as an economic initiative that led to more gains than losses in the Canadian member provinces. The presented recommendations can improve the nature of the model and transform the experiences of different stakeholders.
Issue Analysis and Discussion
Governments across the globe have decided to implement powerful economic policies and measures to mitigate the predicaments of COVID-19. Experts identify such strategies as essential in identifying individuals at risk and cushioning them to record positive life experiences (Murphy 2020). To achieve desirable and sustainable outcomes, professionals have identified approaches that are region-specific and capable of addressing emerging problems (Heisler 2020). In Atlantic Canada, four member provinces chose to create a special zone that would allow citizens and residents to travel freely while supporting the introduced social distancing measures. This idea led to the implementation of the Atlantic Bubble.
The primary notion that led to the establishment of this economic zone was that the implemented lockdown and travel restrictions were capable of affecting peoples experiences and gains. Visitors and members had to be screened for COVID-19 and quarantined for around 14 days. Those who met this requirement would then be allowed to travel freely across the bubble (Heisler 2020). The member provinces forming the zone included Nova Scotia, Prince Edward Island, New Brunswick, Labrador, and Newfoundland (Intiar 2020). Such regions were expected to follow the outlined guidelines.
After the surge in COVID-19 cases and deaths from March 2020, the governments in these provinces realized that there was a need to change the situation. Despite such problems, most of the people forced to isolate and self-quarantine found it impossible to pursue their aims. Majority of them were no longer able to lead high-quality lives and provide for their children (Heisler 2020). The decision to form the Atlantic Bubble was to address such issues and take most of the people closer to their goals. Such a move would also allow more citizens to engage in economic activities and generate additional income.
Economic Gains and Losses
Economists usually offer powerful guidelines that different stakeholders can consider when challenges emerge. For instance, fiscal and monetary policies can guide regions to solve problems and implement superior mechanisms to achieve their potential. The formation of the Atlantic Bubble around in Canada was an economic strategy intended to address the implications of COVID-19 (Murphy 2020). By May, the country was recording increased cases of COVID-19 infections at 1500 cases and 160 deaths every single day (see Figure 1). While most of the promoted health concepts and approaches were capable of reducing the percentage of infections, very little progress in economic performance was being recorded.
Middle-sized and small businesses were hit the most by this disease despite the fact that they were able to support the economy of Atlantic Canada. Most of the entrepreneurs found it hard to cope with the situation while others lost their loved ones. The leaders in the region collaborated with the Atlantic Chamber of Commerce (ACC) to consider an effective strategy that would address the recorded problem (Heisler 2020). The efforts led to the formation of the Atlantic Bubble with the aim of reducing the recorded businesses interferences while taking more people closer to their goals.
Before the introduction of this zone, the relevant agencies in the selected regions revealed that various sectors had been affected negatively. The leading ones included manufacturing, retail, restaurants, tourism, construction, and manufacturing. However, the new economic idea was capable of taking different businesses to the next level (Larue 2020). For instance, most of the firms and businesses in the manufacturing sector were able to engage in various activities (Gordon 2020). Those who focused on the introduced measures were able to solve emerging challenges and consider new ways to increase their earnings.
The level of consumer confidence increased significantly following the launch of the Atlantic Bubble. Larue (2020) observed that the economic idea allowed more people to feel safe. They were convinced that their businesses were capable of performing optimally while guiding and empowering customers to maintain the required safety and social distancing protocols (Heisler 2020). The increasing consumer confidence made it possible for some of the smaller and emerging businesses to pursue their goals and meet the demands of the key stakeholders. The relevant authorities and agents continued to provide the required screening services to minimize chances of new infections.
The arrangement was designed in such a way that masks were mandatory. This effort made it possible for more people to remain involved and consider how they could protect one another. Consequently, the region succeeded in maintaining the rate of new infections across the region extremely low (Cheval et al. 2020). In different workplaces, the initiative guided different companies to downsize or allow workers to offer their services in shifts. Such an arrangement reduced new infections while supporting and sustaining economic performance.
On top of these gains, the Atlantic Bubble promoted the idea of remote working or offices. The leaders encouraged the targeted members of the population and business owners to consider the gains recorded in the fields of innovation and technology. These developments encouraged these stakeholders to take online business practices more seriously than ever before. Within the same period, this economic zone succeeded in attracting more people and encouraging them to focus on the implemented protocols (Hailu 2020). These measures were capable of transforming the situation and taking more people closer to their goals.
By October, different regions across Canada were recording increasing numbers of COVID-19 cases. For instance, more people were contracting the virus in Ontario and Quebec during the time. However, the countrys East Coast was thriving and capable of sustaining its economy (Cheval et al. 2020). Most of the residents allowed to travel feely after meeting the implemented requirements managed to engage in various income-generating activities. These aspects reveal that the region succeeded in reducing the number of COVID-19 cases in comparison with the other regions across the country.
Within the operational period of the Atlantic Bubble, most of the companies in the food processing were able to maximize sales. The emerging trends allowed most of the customers to purchase different items online. Fortunately, the level of sales in the sector increased significantly by around 14 percent (Hailu 2020). This form of recovery was capable of supporting the level of economic performance and allowing more people to pursue their personal goals. Investors and leaders relied on the bubble model to encourage citizens and entrepreneurs to engage in new strategies that would take revenue generation to the next level.
To support the effectiveness of the Atlantic Bubble and deliver timely results, different agencies and governments introduced new measures to address citizens needs. For instance, the region focused on liquidity and financial support initiatives (Murphy 2020). The available cash and incentives were capable of empowering the people to focus on the anticipated goals and invest in different sectors. Such measures were capable of sustaining the regions economy and reducing most of the hurdles and challenges experienced in different regions across the country.
Due to the developments and economic benefits arising from the Atlantic Bubble, most of the people in the region favored the idea. According to them, it was possible to engage in various business activities and construction projects. Most of the people who lost their jobs due to the introduced layoffs presented due to COVID-19. Such victims were able to rely on the model to make a living despite the experienced tough times (Cheval et al. 2020). These aspects explain why around 82 percent of the individuals voted for it (Murphy 2020). The Atlantic Bubble has, therefore, delivered numerous opportunities and gains to more people.
However, this economic initiative could not be identified as successful due to various challenges that emerged during the period. For instance, this region with a population of around 2.4 million recorded around 171,000 job losses (Bernauer and Slowey 2020). The Atlantic region experienced losses amounting to around 5 billion US dollars (Murphy 2020). The disease led to considerable levels of economic contraction, thereby affecting the lives and experiences of many citizens.
While the economic bloc was capable of delivering positive results, additional COVID-19 deaths were recorded in the region (Murphy 2020). The second wave that affected the country led to numerous shutdowns and additional lockdown measures (Heisler 2020). Such efforts were critical to minimize the percentage of infections and protect lives (Bernauer and Slowey 2020). These results from the Atlantic Bubble could indicate that additional measures were needed to address the issue and transform the lives and experiences of more people.
Recommendations
The above analysis has revealed that the Atlantic Bubble was a revolutionary idea that supported different sectors and made it possible for more people to improve their life experiences. However, the opportunities and gains could not address the problems associated with this disease. For instance, some citizens in the region contracted the disease despite the measures put in place. Some policy experts were also keen to question the effectiveness and constitutionality of the implemented economic zone (Cheval et al. 2020). The measures were also identified as inappropriate since they locked other regions and provinces outside. Consequently, this model was capable of delivering uniform results while ignoring some of the measures in existence.
Due to the nature of these problems, some of the provinces in the bloc chose to pull out of such an agreement within four months. According to the leaders involved, such an initiative was not capable of addressing most of the challenges of COVID-19. Some of the experts indicated that the fate of this Atlantic Bubble was uncertain and incapable of delivering identifiable results (Murphy 2020). This issue explained why there was a need to consider additional measures and initiatives to support the future of the regions economy.
First, the involved provinces could have focused on the best fiscal policies to combine the implemented initiative. This effort would have allowed most of the citizens to apply for soft loans and rely on them to support their businesses (Bernauer and Slowey 2020). Such measures would have minimized most of the recorded problems and take the region closer to the anticipated goals. Second, the gains recorded from this economic arrangement revealed that it could have worked positively for the country. The government can consider similar incentives and measures to address most of the issues and allow more companies and firms to remain successful.
Third, the relevant governments can borrow numerous examples from other countries and implement additional initiatives that can empower more people to achieve their potential. The inclusion of all key stakeholders will ensure that their unique demands and expectations are put into consideration (Cheval et al. 2020). The important objective should be to support more citizens and ensure that they lead better lives and overcome their challenges.
Conclusion
The above discussion has revealed that the Atlantic Bubble has been a revolutionary idea that is supporting the demands of more citizens. The relevant governments and agencies have partnered with medical institutions to implement the relevant measures to minimize COVID-19 infections. The consideration of best practices in different parts of the world can address some of the issues emerging from this bloc. The stakeholders will present additional incentives and financial programs that can take more citizens closer to their economic goals.
Bibliography
Bernauer, Warren, and Gabrielle Slowey. 2020. COVID-19, Extractive Industries, and Indigenous Communities in Canada: Notes Towards a Political Economy Research Agenda. Elsevier Public Health Emergency Collection 7 (3): 844-846.
Cheval, Sorin, Christian Mihai Adamescu, Teodoro Georgiadis, Mathew Herrnegger, Adrian Piticar and David R. Legates. 2020. Observed and Potential Impacts of the COVID-19 Pandemic on the Environment. International Journal of Environmental Research and Public Health 17 (11): 4140-4164.
Gordon, Julie. 2020. Canadas Atlantic Region Closed Out World to Beat COVID-19, and the Economy has Done OK. Reuters, Web.
Hailu, Getu. 2020. Economic Thoughts on COVID-19 for Canadian Food Processors. Canadian Journal of Agricultural Economics 68 (2): 163-169.
Heisler, Jay. 2020. In Canadas Atlantic Bubble, COVID Is a Distant Reality. VOA News. Web.
Intiar, Inda. 2020. Atlantic Canadas Economy Not Hit as Hard as the Rest of the Country. Huddle. Web.
Larue, Bruno. 2020. Labor Issues and COVID-19. Canadian Journal of Agricultural Economics 68 (2): 231-237.
Murphy, Jessica. 2020. Coronavirus: The Place in North America with No Cases. BBC. Web.
Do you need this or any other assignment done for you from scratch?
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You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
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