Canada’s economy was already weak entering the crisis.
Shane Miller | The Epoch Times
Canada’s economy will be in a state of shock as a result of the Chinese Communist Party (CCP) Virus crisis, but after the dust settles there could be significant changes in the economy, experts say.
Philip Cross, a senior fellow at the Macdonald-Laurier Institute and a former chief economic analyst with Statistics Canada, told The Epoch times that until the virus is contained and eradicated both in Canada and internationally, the economy won’t recover.
The federal government has already announced tens of billions in a fiscal stimulus package to help prevent the economy from entering into a recession.
Cross notes that Canada’s economy was already weak entering the crisis, as real GDP growth was 0.1 percent in the last quarter, and the same or weaker performance is expected this quarter due to the rail blockades and the global slowdown.
He notes that the dominant theme the past decade in Canada has been slow growth and mounting debt. And while he speculates that the virus crisis will mean slow growth is here to stay, Canadians will likely become more averse to debt as a result of the crisis, he says.
Shane Miller is a researcher for Probe International and freelance contributor to The Epoch Times.