There's A LOT of complexities in what you just described. It's not as linear as you presented it. There's tons of factors at play here.

One thing that will work to Canada's advantage is that a lot of other countries are in a similar situation because it was a global pandemic our governments reacted to. This makes the situation relatively less worse and the likelihood of overall panic from businesses that lead to actions specific to Canada only will be mitigated.

Canada is also resource rich so it's difficult for an oil sands company or lumber company to just pack up and leave. Many businesses in Canada are tied to the wealth of these natural resources and since the resources don't move, the ancillary businesses can't just pack up and leave.

As for the impacts to inflation, well, central bankers and the government seem quite apt at controlling inflation in rich western countries for the most part. I'd suggest, we're not at the point of lack of control yet. The issue and where our standard of living comes into play is the central banks seem capable of controlling inflation but that control comes at a trade-off to reductions in economic growth and most importantly to economic opportunity. There are losers to inflation but those losers aren't your average citizens with negative net worth due to debt. The people who lose due to rises in unexpected inflation are the people with debt as an asset on their balance sheet (banks/lenders), while people who have credit card debt actually benefit from unexpected inflation because now it's really easy to payoff your debts because wages will likely go up from the inflation since inflation has no impact on real wages holding all else constant.

Having businesses fail is also not a bad thing for a society. This socialist state where we refuse to let losers fail by propping them up with government debt while refusing to allow unexpected inflation simply consolidates wealth among the class of citizens who had wealth to begin with. People without wealth need opportunities to create wealth and the less failure we allow the more crowding out of opportunities for people to create wealth we promote. What we need is simply less government and central banker control on the economy entirely and we'll all be better off for it in the long-term even if in the short-term there's some hardships we must face.

There's A LOT of complexities in what you just described. It's not as linear as you presented it. There's tons of factors at play here.

One thing that will work to Canada's advantage is that a lot of other countries are in a similar situation because it was a global pandemic our governments reacted to. This makes the situation relatively less worse and the likelihood of overall panic from businesses that lead to actions specific to Canada only will be mitigated.

Canada is also resource rich so it's difficult for an oil sands company or lumber company to just pack up and leave. Many businesses in Canada are tied to the wealth of these natural resources and since the resources don't move, the ancillary businesses can't just pack up and leave.

As for the impacts to inflation, well, central bankers and the government seem quite apt at controlling inflation in rich western countries for the most part. I'd suggest, we're not at the point of lack of control yet. The issue and where our standard of living comes into play is the central banks seem capable of controlling inflation but that control comes at a trade-off to reductions in economic growth and most importantly to economic opportunity. There are losers to inflation but those losers aren't your average citizens with negative net worth due to debt. The people who lose due to rises in unexpected inflation are the people with debt as an asset on their balance sheet (banks/lenders), while people who have credit card debt actually benefit from unexpected inflation because now it's really easy to payoff your debts. Having businesses fail is also not a bad thing for a society. This socialist state where we refuse to let losers fail by propping them up with government debt while refusing to allow unexpected inflation simply consolidates wealth among the class of citizens who had wealth to begin with. People without wealth need opportunities to create wealth and the less failure we allow the more crowding out of opportunities for people to create wealth we promote. What we need is simply less government and central banker control on the economy entirely and we'll all be better off for it in the long-term even if in the short-term there's some hardships we must face.