A report has been compiled showing the impact of the Coronavirus on Ceredigion’s economy.
There is little doubt that Covid-19, and the consequential shutdown of parts of the economy and society since March, has had a significant impact on the Economy of Ceredigion. For example, towards the end of August, there had been a 146% increase in the number of people claiming unemployment related benefits since the beginning of March (to 2,045), and a 165% increase in those between 18 and 24. The full impacts are still emerging, as governments at all levels are having to continue to introduce measures to protect the population from the virus.
Ceredigion County Council has compiled a report which sets out the emerging impact of Coronavirus on the Economy of Ceredigion. The report summarises the current known impact on the Ceredigion economy, outlines the support measures that have been introduced in Ceredigion, and sets out the measures currently being planned and implemented to address the challenges being faced by the economy.
Further detail on the content of the proposed measures included in the Economic Strategy is set out in the daft strategy presented to Cabinet on 17 March, 2020. Whilst the Economic Baseline will have changed significantly since March 2020, the underlying weaknesses in the economy remain, or may have been highlighted further as a result of the impact of Coronavirus.
The impact of the coronavirus on the economy of Ceredigion are likely to be significant. The Council will need to fully consider how it can use its resources and assets, alongside its stakeholders to support businesses and individuals to adjust.
The challenges facing the economy of Ceredigion are therefore significant, and co-ordinated efforts will be required. This includes working with partners in Governments at all levels to enable the economy to adjust and recover by building on new opportunities that enable the aspirations of the people of Ceredigion to be met.
The Impact of Coronavirus on the Economy of Ceredigion report will go before the Thriving Communities Scrutiny Committee on 22 October 2020. The report can be read here.