TORONTO (Reuters) - Canadian businesses will hopefully start investing and hiring soon in reaction to encouraging indicators, Finance Minister Joe Oliver said on Thursday, recognizing nonetheless that positive data needs to be sustained to induce companies to step out.
“As the governor of the Bank of Canada has said, what people are looking for is sustained growth, and we’re starting to see some encouraging indications of that, but it’s got to be there for a while to encourage people to invest,” he told a news conference.
“After all, they don’t really benefit from keeping money in the bank at low interest rates. They in principle would like to invest in their businesses but they’ve been cautious because they haven’t necessarily seen the market for their goods. We’re hoping that they’re going to start to see that because the numbers are starting to come in,” he said, referring to exports and manufacturing utilization among other data.
Reporting by Leah Schnurr; Editing by Chizu Nomiyama; Writing by Randall Palmer in Ottawa