The head of Magna International Inc. said the company followed China’s lead when it came to addressing the spread of the coronavirus within its Chinese facilities.
“I think very strongly that it probably is going to cause not just a recession in Canada, but a global recession,” the chief economist and strategist at Rosenberg Research and Associates told BNN Bloomberg Thursday.
Canada’s 30-year government bond yield tumbled to a record low as the economic impact of the coronavirus continues to spread, sending global markets reeling.
Even on a day when the U.S. dollar is getting hammered from all sides, the loonie can’t catch a break.
The global spread of coronavirus is lowering expectations Canada’s economy will quickly emerge from one of its worst slowdowns in years, fueling bets the central bank will be forced to cut interest rates.
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