This article originally appeared in the Local Government Chronicle
For some in the local economic development community there is talk of a post crisis “bounce back” – reflective of an idea that the economy is on a purely temporary freeze, but will eventually thaw, and whilst an unprecedented situation, we will get back to something akin to “normal”. While this may be comforting for some, it is fanciful. Instead, we are going to need a massive reset to our local economic development thinking and practice.
We are experiencing irreversible structural and societal change. Our local economies are collapsing; we were trundling along with stagnant growth even before Covid-19 arrived and now a growing recession with unprecedented levels of business failure and unemployment is heading down the tracks. The economic and social geography of the crisis is emerging, and where before we may have had to battle local economic sluggishness and poverty, we will now be fighting dereliction and destitution.