Canada must expand export markets: Carney
Posted Sep 20, 2011 04:45:28 PM.
This article is more than 5 years old.
AINT JOHN – The governor of the Bank of Canada told a Saint John audience today there is not much the average person can do in the big picture of world economic promblems.
Mark Carney addressed a crowd of over five hundred at the Saint John Trade and Convention Centre.
He said Canada needs to look beyond the United States to grow its exports.
“Emerging markets already account for almost one-half of the growth in trade over the past decade,” Carney said. “In a process that can be expected to continue for decades, emerging Asia is rapidly urbanizing.
“China and India are housing the equivalent of the entire population of Canada every year-and-a-half.”
Carney said the U.S. economy has lost its momentum and could stall depending on global developments, but at this point he said the Bank of Canada does not expect a recession in the United States.
