February 10, 2014 / 5:53 PM / 4 years ago

Bank of Canada sees help from weaker Canadian dollar, global trend

The Bank of Canada building is pictured in Ottawa March 3, 2009. REUTERS/Chris Wattie

OTTAWA (Reuters) - Canadian exports and business investment may get a long overdue boost as the global economy gathers speed and the Canadian currency falls against the U.S. dollar, a senior central bank official said on Monday.

“The strengthening of the global economy and depreciation of the Canadian dollar should foster a broadening of the composition of growth in Canada,” said Bank of Canada Deputy Governor John Murray, according to a slide presentation posted on the bank’s website.

The bank has long said that the export sector and business investment need to replace consumers and housing as the main drivers of Canadian economic growth. Murray’s presentation in Sudbury, Ontario repeated the outlook released by the bank on January 22.

Reporting by Louise Egan; Editing by James Dalgleish

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