Bank of Canada governor Mark Carney is leaving Canada with some parting advice – seize the country’s natural advantages.
The central banker said Tuesday in his last scheduled public appearance before departing for the Bank of England next month that Canada can coast and wait out the decade-long damage-repair process in the rest of the G7 economies, or build on its strengths for the emerging new global economy.
Carney said the Canadian government is correct in seeking out new trade deals, particularly in emerging economies, because they represent one half of the world’s imports growth and also are essential to securing a position in global supply chains.
Export growth needed
The speech to the Montreal Board of Trade, notes of which were released in Ottawa, read somewhat like a valedictory address in which the banker was full of praise for the country’s achievements and endowments, while also urging it on to future successes.
Carney broke no new ground in the speech as he has long stressed the need to transition Canada’s exports-based industries from reliance on slow-growing economies like the U.S. and Europe to fast-growing markets in China and Asia in general. But the advice took on added currency given it was likely the last time he will pronounce generally on the Canadian condition for at least the next five years, the term of his posting in London. Read more here.
Date: May 22, 2013