March Update

It is amazing to think that one year ago on March 11th, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. I don’t think any of us could have imagined we would still be living in lockdown one year later.

In the past year, the world has changed. Our lives, the economy, and the stock market have all transformed. Although many of us are still isolating and working from home, there is a light at the end of the tunnel. Vaccines are coming, there are at least twenty last clinical stage vaccines that expect to be rolled out by later this year. Add that to the three that are already approved in Canada and there is a hope that we will return to normalcy soon.

Although it might be too early to declare victory, science has made substantial progress in its battle against the pandemic and we are now seeing the economy improve as well. Over the past several weeks, Canada has shown clear signs that we are on the path to recovery. February’s job numbers were well above expectations with the creation of 259,200 new jobs and unemployment has dropped from the record high of 13.7% last May to 8.2% in February (The Investment Junction, Dynamic Funds, 2021)

As we reflect back on this “unprecedented” year, we should feel hopeful. Our lives were turned upside down over night as we were forced to go from living in the real world to operating in a virtual one. We watched the market crash at a record pace last March and tried not to panic. We couldn’t gather for birthdays or Christmas or weddings or graduations, but we created new traditions. It has been hard on all of us. Some have been sick, have had loved ones sick or even pass away. All of us have had our mental health affected. This has been a hard year and it is not over yet, but things are finally starting to look up.