One of the ways the Bank of Canada gauges business confidence is by asking a confidential group of executives every quarter whether it plans to increase investment over the next 12 months.
We’re always looking towards the future. There are going to be a lot of opportunities that come out of this situation. That’s reassuring. The COVID-19 recession will be one of the deepest ever, but it could also be relatively short, depending on how long it takes authorities to slow the spread of the virus. The best-case scenario assumes that companies resume spending money on salaries, research and development, and previous expansion plans without significant delay.
COVID-19 will slow Nutrien’s march in the short term, if only because social distancing makes it somewhat more difficult to close deals, acquire talent and import goods. But that should only be temporary. Nutrien rushed to get fertilizer supplies in place before lockdowns crippled supply lines, a 24-7 effort of logistics management that is paying off. Magro said his order books are as full as he expected them to be ahead of North America’s 2020 growing season.
No one thinks turning the economy on will be as simple as flipping a switch. Still, assuming authorities arrest the spread of the virus, Poloz said it’s reasonable to think that a significant amount of gross domestic product will be quickly recovered, though it might take a year to get the economy back to where it was at the start of 2020.
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