Canadian Economist Says Trump's COVID-19 Diagnosis Could Really Mess Us Up

There's been quite a commotion since Donald Trump's positive COVID-19 test was announced on Thursday, October 1. Among the outcomes, there have been some pretty quick changes in the global economy.

CBC News reported that "stock prices around the world" have dropped.

On top of that, oil prices took a "nosedive" following news of Trump's positive test, revealed OilPrice.com. 

If anything, COVID-19 has shown us that economic shocks tend to have a massive effect on our livelihoods, our homes, and our mental health. 

Narcity spoke to Moshe Lander, an economist at Concordia University, to get his thoughts on how Trump's diagnosis could affect Canadians in the coming days and weeks. 

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Does Trump having COVID-19 impact Canada's economy?

Lander said he thinks the "short-term impact is going to be more because of the uncertainty."

"The stock markets are now going to be jittery, the oil prices are now going to fluctuate," he told Narcity. 

He also said there's going to be a "redistributive effect" in that some people are going to lose money in the next 24 hours and some people are going to gain money. 

"Some sectors are going to benefit from the news that he's sick," said Lander. 

But just the mere news of Trump having COVID-19 won't cancel oil projects or resume CERB benefits, he told us.

So the temporary impact is going to be low and Lander expects the markets to bounce back by Monday. 

Though, if things get worse for Trump, we might feel the heat. 

Do you think it will have long-term implications?

Lander said while the short-term effects will likely small, it's anyone's guess whether Trump's illness could have big consequences on the Canadian economy, especially with the election coming up so soon. 

"He's an overweight senior citizen, with probably a high degree of anxiety and stress in his life," said Lander. 

"He's not a good candidate to get the virus and come out on the other side well. That's going to be the broader impact," he stated. 

He added that in the coming days and weeks, "if it turns out he's ill, hospitalized, or he dies...then we're going to start the impacts." 

Should Canadians be worried?

In terms of how things stand at the moment, no. 

Lander said if there are indications that Trump is ill or that he is hospitalized, there could be trouble. 

"Then you're going to see markets start to panic, as they say 'What does this mean in terms of the election?'" said Lander. 

He said that things could get even more chaotic if it emerges that Democratic nominee Joe Biden has also contracted the disease.

Though, Biden has announced that he and his wife have tested negative for COVID-19. 

Lander thinks even the quick dips in the stock market or oil prices "highlights how dependent we are on the health and the success of the U.S." 

"Health and success not just financially but the literal health of the U.S. I think that's really the takeaway from this story," he said.

"We're still very, very dependent," he said about the Canadian economy in relation to the U.S..