18 Aug

Bank of Canada Governor to break silence on economic slowdown

General

Posted by: Rabinder Dhillon

Bank of Canada Governor Mark Carney is expected to confirm the obvious Friday when he speaks for the first time in almost a month: Canada’s economy is slowing down.

A lot has happened since July 20, the last time Mr. Carney spoke publicly. Then, on the heels of his latest economic forecast, he said Canada’s recovery was picking up steam.

In the weeks since, Washington narrowly escaped a debt-limit crisis, markets fluctuated wildly over European debt squabbles and the U.S. Federal Reserve promised low interest rates through to 2013 shortly after Standard & Poor’s downgraded the U.S.’s AAA credit rating.

This rush of negative economic news is the reason why MPs on the House of Commons finance committee have scheduled a special meeting Friday in Ottawa to hear from Mr. Carney and Finance Minister Jim Flaherty on what all these developments mean for Canada.

Click here to read the full article in the Globe & Mail