Coronavirus: Financial experts in Kingston discuss the economic impact of COVID-19

Stock markets bounced back on Tuesday, but people with long-term investments such as RSPs may wondering how long the market turbulence will last.

Some people have lost thousands of dollars from their retirement nest egg. Both the Toronto and New York Stock Exchanges have been in a panic-selling mode in recent days, fuelled by fears of the economic impact of COVID-19, the illness caused by the novel coronavirus.

Wei Wang, an associate professor of finance at the Smith School of Business at Queen’s University, has been watching the markets closely.

“There are busts, there are booms, but I just never expected the trigger for this potential recession could be the virus, which we don’t know yet, but this could potentially trigger the recession in the North American economy,” Wang said.

Source: Read Full Article