BoC's Lane: Data show growth in Canada is becoming more broadly based, self-sustaining
|Timothy Lane, Deputy Governor of the Bank of Canada, delivered his prepared remarks before the Saskatoon Regional Economic Development Authority, with key headlines (via Reuters) found below:
- Economic data show growth in Canada is becoming more broadly based, self-sustaining
- We will be paying close attention to how economy responds to higher interest rates, stronger c$
- Seeing widespread strength in business investment, exports, along with global economic expansion
- Possibility of material protectionist shift, particularly on possible changes to NAFTA, is key source of uncertainty for Canada's economic outlook
- Trade negotiation outcomes could have implications for economy, which we would need to consider in conducting monetary policy
- Given complexity of effects of material changes, we cannot adjust monetary policy in anticipation of these risks
- We will be watching trade developments and implications for exports, business investment very closely
- Canada's openness to international trade is important determinant of economic growth potential
- If trading rules are changed in way that undermines economic benefits, result would be lost external demand for exports, lower potential growth for Canada, trading partners
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