There may not be any confirmed cases of the Covid-19 strain of coronavirus in Newfoundland and Labrador, but that doesn’t mean it’s not having an impact on this province.
Newfoundland and Labrador relies heavily on oil prices and as of Friday the price of Brent crude had dropped below $50 US per barrel.
The provincial government based its budget on an estimated $65 US per barrel in order to meet its fiscal targets.
Premier Dwight Ball admits it’s a concern. He says the longer it goes on, the greater the impact will be, which is why it’s important to continue efforts to diversify the economy.
