BMO Financial Group released an in-depth report on the long-term global structural shifts accelerated by the COVID-19 pandemic and current economic crisis.
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“We’re in the midst of one of the most significant social and economic challenges we’ve ever faced, where we must – now and in the coming months – make every effort to be there for the individuals and businesses who need support,” said Darryl White, Chief Executive Officer, BMO Financial Group. “At the same time, throughout our history, the global economy has overcome many challenges, which inspires confidence in the future. To cross the economic bridge we now find ourselves on, we must be agile and innovate. Sector by sector, industry by industry, we are seeing numerous examples of how new ways of doing business will support the economic recovery. We will emerge from this difficult period stronger.”
“Economies are resilient, and people and businesses can be incredibly resourceful in the face of challenges; don’t underestimate the ability to recover from this tough period,” said Doug Porter, Chief Economist and Managing Director, BMO Financial Group.
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The crisis has accelerated and accentuated many trends that were already in place. It has brought the future into the present, rapidly and sometimes harshly accelerating changes that were already in train. There is no doubt that some sectors face long-term challenges. But in classic creative destruction fashion, there will be some sectors that strengthen and step into the gap.
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