Nearly half of Canadian businesses expected to be affected by war in Ukraine

Nearly half of Canadian businesses expected to be affected by war in Ukraine
April 5, 2022, 7:14 am

A survey shows that roughly half of Canadian firms expected to be affected by the conflict in Ukraine (File photo: Pixabay)

The Xinhua reported, results from a special business survey in March showed on Monday (4 Apr) that roughly half of Canadian firms expected to be affected by the conflict in Ukraine.

In the interviews conducted by the Bank of Canada's regional offices with the senior management of more than 100 firms selected to reflect the composition of the gross domestic product of Canada's business sector, 77 out of 152 firms anticipated that they would be affected by the conflict.

The central bank said, the most common expected impact is upward cost pressure, tied mainly to increased prices for energy and other commodities as well as further supply chain disruptions.

Canada-Flag of Canada (File photo: Shutterstock) — The central bank said, the most common expected impact is upward cost pressure, tied mainly to increased prices for energy and other commodities as well as further supply chain disruptions (File photo: Shutterstock)

The survey revealed that among the firms expecting the conflict to increase their input costs due to supply chain disruptions, many depend on goods coming from Europe or Asia. They anticipated rising transportation costs and longer delivery times, beyond those related to the COVID-19 pandemic.

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The Xinhua noted, according to the survey results, other businesses expected delays and reduced availability of commodities. Many firms planned to pass conflict-related cost increases on to their customers.

Source: xinhua

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