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Coronavirus will hit Canadian economy, says Morneau

Canada is bracing for the effects of the Coronavirus in the next coming months. Finance Minister Bill Morneau warned this week that the coronavirus outbreak will “undoubtedly” hit the Canadian and global economies this year and the impact could be “significant.”

Morneau gave keynote address at a meeting of the Economic Club of Canada in Calgary.

In that speech, he addressed the ongoing outbreak, which has sickened 40,171, mostly in China, and killed roughly 908 others, surpassing the death toll from the 2003 SARS epidemic. Two deaths have been reported outside mainland China, while more than 20 countries, including Canada, have confirmed cases of infection.

Morneau also said that he expects the outbreak to be a “central topic” at upcoming meetings of G20 finance ministers and central bankers later this month.

The impact will be felt across Canada on everything from declining tourism, dropping oil prices and supply chain challenges.

He also added that some estimates suggest the outbreak could cause a dip of roughly four per cent in global economic output in 2020.

He pointed in particular to impacts on supply chains and any business with close supply chain ties with China. Fewer Chinese tourists, students and investors in real estate could also impact universities and the real estate market. At this point, it all  depends upon when China gets the Coronavirus outbreak under control. -CINEWS


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