The spreading coronavirus outbreak will hit the Canadian economy, in particular oil prices, the tourism sector and supply chains, Finance Minister Bill Morneau said on Monday.
Morneau told a business audience in Calgary that prices for crude – one of Canada’s major exports – had dipped by 15 per cent since the outbreak started in the Chinese city of Wuhan.
The death toll from the epidemic rose to 908, all but two in mainland China, on Sunday as 97 more fatalities were recorded. The virus has spread to at least 27 countries, including Canada.
“The virus is undoubtedly going to have an economic impact … we know the impact is real and it’s going to be felt across the country,” Morneau said in comments that were web cast.
He cited “impacts on tourism, impacts on the oil sector and of course impacts on the supply chain” of any business that was integrated with Chinese producers or consumers.
Last week the Bank of Canada said the outbreak could hurt the domestic economy by disrupting supply chains and depressing oil prices.
© Thomson Reuters 2020
