Friday, June 18, 2010

Must Shift Trade Focus, Carney Says

(The Canadian Press/Globe & Mail)

Bank of Canada Governor says emerging economies are key drivers of global economic recovery

Canada must shift its trade focus towards emerging economies, which account for two-thirds of global growth and are key drivers of the worldwide economic recovery, says Bank of Canada Governor Mark Carney.

Canada's central bank head said Friday that countries such as China, India and Brazil are becoming growing centres of economic power and have a big impact on the price of oil, metals and other commodities, drivers of Canada's resources economy.

“The relatively slow recovery expected in our most important trading partner, along with ongoing sectoral adjustments, means that Canadian firms have to find new markets,” Mr. Carney said in a prepared speech Friday to a Newfoundland energy conference.

Read more here. Full text of Carney’s speech here (via Reuters).