Next Bank of Canada chief says recovery must be nurtured

Thu May 2, 2013 5:07pm EDT
 
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OTTAWA May 2 (Reuters) - The recovery in the Canadian economy has not been as vigorous as might have been anticipated and needs to be nurtured, the next Bank of Canada Governor Stephen Poloz said in his first news conference on Thursday.

"We are in a recovery that is not as vigorous as would normally be expected and ... I think it will be necessary to nourish it, I don't know for how long," Poloz said.

Poloz also said it was important for demand in the Canadian economy to shift to the export side, and that was starting to happen.

Poloz will take on his new role on June 3, replacing Mark Carney who is stepping down to head the Bank of England starting in July.