Economic impact of Omicron variant sharp and short: invasion of Ukraine creates additional overlay of economic risk

OTTAWA, March 15, 2022 (GLOBE NEWSWIRE) — The impact of the Omicron variant on Canada’s economy has been much sharper and shorter than previous COVID-19 variants, according to new research from The Conference Board of Canada. Looking ahead towards economic recovery, Alberta and Saskatchewan are expected to lead growth in Canada this year and next, largely driven by prices for energy products and other key commodities that have recovered strongly. Although not reflected in this analysis, the Russian invasion of Ukraine will also create additional upward pressure on inflation due to valuation increases across the commodities complex and other goods here in Canada.