Alberta wildfire expected to have relatively modest macro-economic impact: Morneau

OTTAWA – Finance Minister Bill Morneau says he expects the Alberta wildfires to have a relatively modest impact on the broader economy.

Morneau also says the economic fallout from the disaster will be largely contained to the current quarter of the fiscal year.

A huge wildfire forced the evacuation of Fort McMurray as well as the shutdown of some economically important oilsands operations.

The blaze also destroyed 2,400 buildings in Fort McMurray.

Morneau says investments over the coming months in response to the wildfire will not only help the people of Fort McMurray — they will also help the economy bounce back.

He says the government’s initial focus was the human challenge, such as the matching of charitable donations.

Morneau made the comments during a conference call to reporters. He is in Japan for a meeting of G7 finance ministers.