Trudeau Sees Potentially Months of Disruption From Coronavirus

(Bloomberg) --

It will likely take months for Canada to get through the coronavirus crisis and deal with the “economic stoppage” the country is facing, Prime Minister Justin Trudeau said.

There is no “silver bullet” to solve the crisis Canadians are facing, Trudeau said at a press conference outside Rideau Cottage, where he is governing from home in Ottawa. The Canadian government is looking at further measures to support an economy that already had half a million jobless claims filed last week.

“We are continuing to talk about next steps, looking at best practices from around the world, looking what other countries and jurisdictions are doing to ensure that our economy remains solid if at a standstill so that it can pick up again once this crisis is through,” Trudeau said. “It is going to be many many different measures brought together in the most efficient way that will help us through this.”

Trudeau’s government unveiled a C$82 billion ($57 billion) fiscal package on March 18, which could drive the country’s budget deficit past C$100 billion this year, economists say.

Earlier Sunday, the Speaker of the House of Commons, announced parliament would be recalled Tuesday to consider measures related to the Covid-19 pandemic.

When asked about evoking the federal Emergencies Act, Trudeau said the act is a “significant step” that can and should be taken when the government has exhausted all other steps to contain the virus.

“We will continue to look at if it’s necessary to move forward with the Emergencies Act,” he said.

©2020 Bloomberg L.P.