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Ottawa: The Russia-Ukraine conflict has severely affected about half of Canadian firms, results from a special business survey in March have shown.
The Bank of Canada’s regional offices on Monday conducted interviews with the senior management of more than 100 firms selected to reflect the composition of the gross domestic product of Canada’s business sector. According to the outcome of the interviews, 77 out of 152 firms anticipated that they would be affected by the conflict, as reported by the Xinhua news agency.
The Bank of Canada said that 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.
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, the survey revealed.
Other businesses expected delays and reduced availability of commodities. Many firms planned to pass conflict-related cost increases on to their customers, according to the survey results.
