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Highlights:
- Prime Minister Justin Trudeau was reportedly shifted to a secret location along with his family as the unprecedented protests over vaccine mandate gripped the national capital.
- As per the mandate, unvaccinated Canadian truckers need to quarantine upon returning home after crossing the US-Canada border.
- It is expected that the protesters will continue to stay near Parliament Hill and hope for the government to take back their new measures.
Canada is witnessing protests over vaccine mandates and COVID-19 measures. After a week-long drive across the country, a fleet of big rigs known as the 'Freedom Convoy' reached Ottawa on Saturday, January 29.
Truckers reportedly started protesting against the vaccine mandate for crossing the US-Canada border, implemented by the Justin Trudeau government earlier in January.
What's the vaccine mandate?
As per the mandate, unvaccinated Canadian truckers need to quarantine upon returning home after crossing the US-Canada border. Published reports claim that after the new measure was announced, truckers and conservative groups got together to organize the cross-Canada drive.
After starting from Western Canada, the drive got momentum and gathered support as it drove to the eastern parts of the country. A GoFundMe campaign reportedly raised C$ 7 million as of January 30, as approximately 100,000 donors extended their support to the movement.
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It is expected that the protesters will continue to stay near Parliament Hill and hope for the government to take back their border vaccine and any other public health mandate across the country.
Prime Minister Justin Trudeau was reportedly shifted to a secret location along with his family as the unprecedented protests gripped the national capital.
Will the protests impact the Canadian economy?
Some retailers in Canada require customers to show their proof of vaccination and government-issued identity cards before entering the stores.
In Quebec, retailers like Walmart, Costco, IKEA, and Canadian Tire Corporation are among retailers who have to take such measures to limit unvaccinated people to purchasing only essential goods.
Public health restrictions like these could affect retailers and consumers negatively as the pandemic and lockdowns have already forced people to live in a restricted environment.
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If these restrictions continue, consumers could stop visiting stores, which would most likely reduce the retailers' sales.
Additionally, truckers play an essential role in the Canadian economy, and according to the Government of Canada, the transportation and warehousing industry is vital to the country's economy.
The Canadian Transportation Economic Account data of 2016 stated that the transportation sector contributed C$ 168.1 billion or eight per cent of the gross domestic product (GDP).
If the truckers continue protesting against the vaccine mandate, the transport industry could incur losses.
Bottom line
The period of uncertainty due to any event is worst for a stock market. As reports surfaced that the Prime Minister has shifted to a secret location due to ongoing protests could be taken negatively by equities markets investors.
If this uncertainty continues, the markets could see a dip as investors will likely be wary of making investments.
Also Read: Will Bank of Canada hike interest rates sooner than expected?
