60-second lecture: Low oil prices could become a long-term plus for CanadaProfessor Emeritus Atif Kubursi interviewed about the impacts of the price of oil in this video from the Daily News.http://www.economics.mcmaster.ca/news/60-second-lecture-low-oil-prices-could-become-a-long-term-plus-for-canadahttp://www.economics.mcmaster.ca/news/60-second-lecture-low-oil-prices-could-become-a-long-term-plus-for-canada/@@download/image/60-lecture.jpg
60-second lecture: Low oil prices could become a long-term plus for Canada
Professor Emeritus Atif Kubursi interviewed about the impacts of the price of oil in this video from the Daily News.
Jan 26, 2016
Short term pains could become long-term gains when it comes to the current economy.
"It takes time for people to take advantage of the lower Canadian dollar and export more before people recognize that the Canadian dollar has weakened so much that Canada has become an attractive and cheap place to buy things," says Atif Kubursi, McMaster Economics professor.
Kubursi says a weak Canadian dollar can attract American tourists and put money back into Canadian pockets.
"It won't be long before all this pain that we have been going through will start to win out and some of the gains that could come from a cheaper dollar will start to play it's role."