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Friday, June 18, 2021

Mullen Predicts Tough Times Ahead

During an interview with BNN, Mullen Group CEO Murray Mullen this week, in which he warned the entire country will feel the pain from Alberta’s weakened economy and the commodities crash.

“It is going to have contagion throughout the country. There’s no way to avoid it,” Mullen said. “These are very difficult times to migrate through.”

Mullen said his specialized transportation company has already laid off more than 1,000 people.

He also said the low loonie has driven up equipment costs by 50% over the past year-and-a-half.

“We’re going to have a very difficult time retooling our business. If you don’t retool your business, how do you become more productive?” Mullen said.

Mullen also said trade patterns have shifted, with freight available southbound but few imports to transport back.

“There’s a real change that’s happening in trade patterns that I’m not sure is working out in our favour,” Mullen said.

Mullen said Canada needs “all hands on deck” to create jobs and weather this economic storm.