Coronavirus; #Economy; #Canada; #U.S.; #OilIndustry
Ottawa, Feb 11 (Canadian-Media): A significant impact on North America's economy is being felt by Coronavirus outbreak, hardest hit sector expected to be oil patch, said Canada's Finance Minister Bill Morneau Monday, media reports said.
Bill Morneau. Image credit: Twitter handle
Speaking at the Economic Club of Calgary on Monday Morneau said a ripple effects throughout the world would be caused by the virus because of China's massive economic footprint.
Efforts to contain coronavirus is expected to impact U.S. economic growth by 0.4 percent in the first quarter, according to a recent Bloomberg report.
The demand for many industrial inputs have decreased due to Lockdowns in Wuhanand other hubs in Hubei province due to the coronavirus outbreak with the Oil prices having dropped 15 percent, Morneau said.
There have been exploitation of fears by criminal groups over the coronavirus to try to attack the global shipping industry.