Bank of Canada wrong on export strength: EDC
Export Development Canada says the country's key export sector is holding up well in the face of the global economic slowdown.
OTTAWA—Export Development Canada says the country’s key export sector is holding up well in the face of the global economic slowdown.
The Crown corporation that supplies credit to Canadian exporters expects shipments to other countries will show an 11 per cent gain this year when all the data is in, and will expand another seven per cent next year.
The impact will result in a 2.3 per cent boost to the Canadian economy this year and 2.4 per cent next year.
Exports took the biggest hit of any sector during the recession, dropping about one quarter of its value, and the Bank of Canada says they will comprise a key weakness next year.
But that isn’t the way EDC sees it.
The EDC says the sector is holding up well and that new orders suggests it will continue to do so next year, despite the strong loonie.