Report: Depressed commodity prices will have a ‘disastrous impact’
Economists in Atlantic Canada are warning that Newfoundland’s status as an economic powerhouse may not last long—and pinning great hope on stimulus packages offered by the Obama and Harper governments. If the recession is long and oil prices are low, losses will be unavoidable, they say. “Depressed commodity prices continuing throughout the year and longer would have a disastrous impact for Newfoundland and Labrador from a fiscal perspective,” warns the report from the Atlantic Province’s Economic Council.