Harper says there’s more to the Canadian economy than oil – by Bill Curry (Globe and Mail – January 23, 2015)
The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.
Ottawa — Stephen Harper is playing down the impact of energy on the overall Canadian economy, noting that other sectors will help keep growth strong during hard times for the oil patch.
The Prime Minister, who has previously promoted Canada abroad as an emerging energy superpower, stressed the importance of small business, manufacturing and innovation during an event in St. Catharines, one of many Southwestern Ontario communities that have lost manufacturing jobs in recent years.
“It’s obviously significant for the Canadian economy, particularly certain sectors and regions, but the oil industry isn’t remotely the entire Canadian economy,” said Mr. Harper. “There are many benefits to other parts of the economy because of these developments and although the oil industry in those regions are going to face some pretty significant adjustments, the fact of the matter is that this is a resilient industry that knows that prices go up and down.”
The Prime Minister’s comments, which followed an announcement to expand a program for small-business loans, marked his first public response since Bank of Canada Governor Stephen Poloz shocked markets Wednesday by cutting interest rates in response to lower-than-expected growth and inflation. Read the rest of this entry »