Cooper, the chief economist at BMO Nesbitt Burns, has been getting Bay Street and investors to gear up for a possible pandemic. A report on the potential economic impact was released by Cooper, along with a study released by the IMF that said, "If the pandemic is severe, the economic impact is likely to be significant, though predictions are subject to a high degree of uncertainty".
According to the IMF study report, "A pandemic similar to the 1918 Spanish flu could result in high level(s) of illness and death, and a sharp but only temporary decline in global economic activity. A severe pandemic could pose risks to the global financial system. Market operations could become more disorderly in the case of a breakdown in the trading infrastructure, leading to limited or intermittent trading."