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Carney praises Canadian system in final speech
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. and Europe to fast growing markets in China and Asia in general.
But, he said, Canada is less well oriented to the sources of global growth than it has been in the past.
Despite criticism, Canada's labour market is relatively flexible, with labour mobility similar to that in the United States and about four times as flexible as in Europe.
Canada coped relatively well to the financial crisis, he said, noting that by the start of 2011 the country had recovered to the GDP level it held prior to the recession and that as of now, there are 480,000 more Canadians working than in the fall of 2008, when the slump began.
into Alberta from the rest of Canada, a level of mobility that approaches its previous peak."
"We're in a stronger relative position compared to other advanced economies today than we were in 2008 but we're in a tougher world," he said after making his final speech as governor before departing for the Bank of England next month.
It must focus more carefully on exports and business investment, Carney said.
helps stabilize localized "asymmetric shocks" and share the risks, he said.
MONTREAL Canada has work to do, but it is stronger than when he took over as head of the Bank of Canada five years ago, outgoing governor Mark Carney said Tuesday.
He Nike Air Max 70 calculated that exports are currently $130 billion less than would have been the case in a typical postwar recession. That represents about eight per cent of gross domestic product.
The central banker said Canada can seize opportunities to build a better future more than other countries because it doesn't have to repair the economy or worry about getting out of trouble.
Carney said Canada cannot rest on its laurels, Air Max 95 Green And Black
But the advice took on added currency as it was likely the last time he will pronounce generally on the Canadian economy for at least the next five years, the term of his posting in London.
He also praised what he calls "fiscal federalism," the often maligned system of wealth transfers from have to have not regions. Rather than a weakness, the system Air Max Vt
Lastly, the central banker said Canada has been well served by a sound and regulated banking sector, as well as low government debt that allowed policy makers room to borrow on global markets to stimulate the economy.
"In a rapidly shifting world, only sustained education, ingenuity and investment can maintain competitiveness," he said. "This means we must continuously invest in our workforce. With technology and trade transforming the workplace, the need to improve skills across the spectrum of work has never been greater."
Carney said Canada also has a functioning monetary union despite the lament about provincial trade barriers and the two speed economy caused by high commodity prices.
It has been able to make the adjustments because fundamentally the Canadian system works, Carney said.
"Canadians are going where the jobs are," he said. "Last year, there was a net inflow of more than 40,000 people Air Max Yeezy Platinum
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