Macklem says Canadian exporters must look to new markets
Canadian firms must export more to fast-growing emerging market economies in order to pick up ‘slack' in the economy, according to Tiff Macklem, deputy governor of the Bank of Canada.
Growth is being hit by a "new-found and welcome household prudence", Macklem told the Economic Club of Canada in Toronto, meaning the economy needs "a rotation in demand toward exports and business investment".
"Unfortunately", he said, "this rotation has proven elusive". One reason why is that Canada's "trade
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