Bank of Canada Governor Poloz Highlights Positive News for Canadian Economy

July 08, 2014

Despite the recent negative reports from the media on the Canadian economy, the country’s banking chief believes that Canada is on course for 2014. Speaking at a Group of 20 meeting in Sydney, Australia, the Governor of the Bank of Canada Stephen Poloz said that inflation data was improving, with the country’s inflation rate improving the most in 20 months, to 1.5% in January according to Statistics Canada.

Bank of Canada Chief Poloz said that, while the figures don’t resolve all the problems in the current economy, the do act as a strong sign that positive trends are the future for the country:

While it’s too early to declare that a rebound is assured, economic data are supporting the message from the bank’s models that faster growth is coming.”

Stephan Poloz – Governor of Bank of Canada

Leaders at the bank of Canada had been concerned about the effect of falling inflation figures, coupled with the weakening in the Canadian dollar seen in 2014. However, the new figures on inflation suggest that the country is moving in the right direction, economically.

Poloz also suggested that the US market data was positive and that he was “pretty optimistic” on the direction that the American economy is taking for the future. Back on the home front, new Statistics Canada data has revealed that the number of Canadian businesses is also growing. There were 2.69 million active locations for Canadian businesses in December 2013, compared with just 2.62 million in December 2012. This highlights the strength within the commercial sector as a result of progressive financial policies that continue to help Canadians build for the future.

With challenges ahead for the Canadian economy in 2014, the country’s economic leaders at the Bank of Canada will be looking to maintain its core growth into the later parts of the year. From the comments of the head of Canada’s banking sector, there appears to be bright skies on the horizon for the country.