The outbreak of the new coronavirus will disrupt the canadian economy, and could particularly be felt in the Western provinces due to the fall in oil prices, warned on Monday the minister of Finance, Bill Morneau.
“The virus will, undoubtedly, an economic impact”, advanced without detour Mr. Morneau during a speech at an event organized by the Economic Club of Canada in Calgary.
“There will be impacts on tourism, on the oil sector, on the supply chains for all businesses that have built-in chains with chinese suppliers,” continued the minister of Finance.
It pointed out that the price of a barrel of oil has fallen about 15 % since the beginning of the epidemic in China. This is bad news for the Western provinces, they are already forced to sell at a discount to their black gold because of their difficulties in exporting their production to oil.
The minister Morneau is expected that the virus 2019-nCoV is in the heart of the concerns at a meeting of G20 Finance ministers in Riyadh on 22 and 23 February.
“I am certain that the coronavirus is one of the priorities. We can not know what are its economic impacts for the moment, but Bloomberg estimated recently that it will decrease the economic growth of 0.4% in 2020, a figure to be placed in the context of an economy that is forecast to grow by 3 %. This is a significant impact,” said Bill Morneau.