Blockades across the country continue to put a halt on the Canadian economy as goods cannot be transported to where they need to be. Prime Minister Trudeau has said that he wants to come to a quick and peaceful solution but that does not seem very plausible at this point.
BMO Capital Markets senior economist, Doug Porter, said that the coronavirus has negatively affected the global economy and the rail shutdown is an added extra pressure for Canada’s economy according to Financial Post.
“The ultimate cost will depend on the duration of the shutdown, and we have plenty of recent evidence to make an early assessment,” said Porter. “The November CN strike, which lasted more than a week, ended up carving less than 0.1 ppts from GDP that month. However, this shutdown threatens to be more open-ended, with the situation ‘fluid.’”
Manufacturers are assuming that their revenues will also be negatively affected by the rail blockades.
Today, Maple Leaf Foods president and chief operating officer, Curtis Frank along with President of CKF Inc., Ian Anderson noted at a press conference that “every day the rail stoppages continue, $850 million worth of manufactured goods are sitting idle.”
Other guests at the conference include ArcelorMittal Dofasco, BB Résaux Électriques, Demers Ambulances, J.D. Irving LTD., Énergie Valero and more.
Chief Perry Bellegarde, the National Chief of the Assembly of First Nations was also scheduled to hold a press conference today in Ottawa with hopes of discussing the present Wet’suwet’en situation.
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