December 6, 2007 / 4:17 PM / in 10 years

BoC's Dodge: Risks to economy have increased

TORONTO (Reuters) - Bank of Canada Governor David Dodge said on Thursday there has been a shift to the downside in the balance of risks to the Canadian economy.

<p>Bank of Canada Governor David Dodge speaks during a news conference in Ottawa October 18, 2007. REUTERS/Chris Wattie</p>

The governor said he sees weaker economic growth in the fourth quarter and into 2008, as the U.S. economy has weakened along with its housing sector, which will be a drag on Canadian manufacturers.

He repeated that he sees global difficulties lasting longer than previously thought.

Dodge, along with Bank of Canada Deputy Governor Paul Jenkins, was speaking to the Standing Senate Committee on Banking, Trade and Commerce.

Dodge steps down from his post at the end of January and hands the reins to incoming bank chief Mark Carney.

Reporting by John McCrank; Editing by Rob Wilson

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