Sluggish exports continue to confound, says Bank of Canada governor
WASHINGTON — The perplexingly persistent sluggishness of exports has slowed Canada’s adjustment to low oil prices, the country’s central banker said Saturday.
The problem continues to confound, Stephen Poloz said.
Canada is relying on an anticipated jump in non-commodity exports, abetted by a lower dollar, to offset the pain of lacklustre oil prices in a transition Poloz said should take three to five years.
But it’s happening slowly.