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Ukraine crisis hits already weak economy
A board provides foreign currency rates against the Ukrainian ruble just outside an exchange office environment in Moscow on Monday. $. Markets in Europe as well as New York also fell. dollars and treasuries.
Whether the political disaster has a profound, longer term influence on the Canadian economy will depend on how long it lasts, whether or not this escalates, and on the West's answer, Bank of Montreal chief economist Doug Porter affirms. Secretary of State John Kerry opening the doors for you to sanctions.
On Monday, Pm Stephen Harper warned Moscow it faced "diplomatic and also economic isolation" and the risk of staying kicked out of the G8 group of primary industrial countries.
In immediate terms, Russia is a small but growing player in the Canadian economy.
According to government figures, Canada to Paris exports have grown eightfold in the past decade so that you can $1.5 billion in 2011, along with investment hit almost $5 million in 2012 with a number of big Canadian firms having either planted their flag or perhaps begun the process of establishing a presence in the country. Among then will be Kinross Gold and other mining worries, as well as other well known names which include Bombardier, Pratt Whitney Canada and SNCLavalin.
As well, Ottawa has been actively courting a wider wedding. With a population of 140 million, it has identified Italy as a priority market along with Trade Minister Ed Rapid led a trade pursuit Pandora Jewelry Australia for the former communist country in August 2012.
Recent events will not be good news for that initiative, neither of them for Canadian firms together with dealings in Russia, Bob Kelly, president of the Canadian Federation of Independent Business, mentioned. He said any firm a part of the country likely has a significant tolerance for risk.
"But this type of things do spook business owners should they be looking at expanding abroad,In . he said, and doing business within Russia was already "not for the light hearted."
A spokesperson regarding Kinross, one of Canada's Nike Roshe Run top investors throughout Russia, said the occasions had not affected its procedures in Russia's far east. "Our strong denver operative commercial relations while using the Russian government have Cheap Nike Shoes Australia offered us well for over several years and are a key strength for Kinross in the region , " said Andrea Mandel Campbell, the company's director of corporate communications.
Economists say the most significant influence on Canada's economy of a chilling inside relations would be through roundabout channels, however.
"If it did escalate, it certainly may chill business and purchaser confidence and spending, not just in Canada but around the world," said Porter.
"Russia is a trading spouse with Canada and if you will find serious sanctions put in place, this could have some direct affects. treasuries.
Alexander said the first pressure factor could come if Michael Kors Handbags Ukraine is unable to meet its debt commitments and there is no international assistance to coastline up its finances.
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