BoC governor offers optimism at talk in Waterloo
CTV Southwestern Ontario
Published Monday, April 2, 2012 6:05PM EDT
Mark Carney, governor of the Bank of Canada, says the Canadian economy is improving and Waterloo Region is one to watch for sustainable economic growth.
According to Carney, who offered cautious optimism on the national economy, Waterloo Region is one of the top economies in the country.
"The dynamism of this region is a good example of what we need to do across Canada to continue to renew, not just individual companies, but our economy."
The praise comes less than a week after federal and provincial budgets that emphasized cutting costs while still boosting economic growth.
And Carney says the proposed job cuts in Ottawa won't hurt the country.
"From an overall perspective, from a medium-term perspective, these measures are reinforcing the attractiveness of the country as an investment destination."
According to Communitech, the region's high tech hub is evidence that investment is flowing into the region. In fact, venture capitalists have put more than $70 million into local startups.
While Carney can't discuss specific companies, when asked about the latest quarterly loss at Research in Motion, he will say that innovation and finding new markets are keys to success.
"The imperative is to continue to evolve, continue to renew yourself, invest."
Carney says the U.S. economy will continue to be sluggish in the near future, so Canadian companies must look to countries like India and China for gains.
Ian McLean, president of the Greater Kitchener Waterloo Chamber of Commerce, agrees.
"We need to be helping our members understand what the opportunities are, how to get the skills they need so…they can take advantage of those new markets."
When discussing the direction of interest rates, Carney offered several 'wait and see' answers, though many economists predict rates will rise slowly along with the economic recovery.