Tuesday, April 28, 2009

Flaherty says it's too early to judge if swine flu will impact the economy

This is from the Canadian Press.

The stock market obviously disagrees with Flaherty. As usual Flaherty does not make much sense. Clearly airline travel is already being considerably hurt as are travel agencies and some cruise lines. On the other hand manufacturers of protective gear and anti-viral remedies are seeing their stock go up. The Conservative govt. insists on being behind the flow of events rather than being pro-active although with respect to an epidemic Canada is much better prepared now after having learned quite a bit from the Sars epidemic.

Flaherty says it's too early to judge if swine flu will impact the economy

TORONTO — Federal Finance Minister Jim Flaherty says it's too early to know whether the swine flu outbreak will impact the economy.
Flaherty, in Toronto for an unrelated announcement at the island airport, says he spoke with his Mexican counterpart this weekend during meetings in Washington. But he says so far, officials are just monitoring the situation.
The virus is suspected in up to 103 deaths in Mexico, the epicentre of the outbreak with more than 1,600 cases suspected, while 20 cases were confirmed in the United States and six in Canada.
World stock markets fell as investors worried the deadly outbreak could go global and derail any global economic recovery, with airlines taking the brunt of the selling.
In Washington, President Barack Obama says that the threat of spreading swine flu infections is a cause for concern but not a cause for alarm.
Canada is taking "every step" to monitor the virus, Flaherty said Monday.
"The minister of health has been monitoring that carefully over the weekend and we will continue to monitor," he said.
"I discussed it with the minister of finance in Mexico on Saturday in Washington, and our minister of health federally has been working with the provincial ministers and continue to monitor the situation."
Copyright © 2009 The Canadian Press

No comments: