Canadian economy may find ‘new balance’ at lower potential growth, Patterson says
Hit to the commodities sector likely to have knock-on effects
Canada's economy is in a painful adjustment phase following the oil shocks and may be transitioning to lower potential growth, Bank of Canada deputy governor Lynn Patterson said on March 30.
She told the Edmonton Chamber of Commerce lower commodity prices are creating a broad shift in the economy away from the resources sector, which accounted for 50% of exports in 2014, but which the central bank expects to account for 40% by 2020.
As one would expect, labour and capital have been rebalancing
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