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Canada’s Recovery Hurt by Loss of Exporters, RBC’s McKay Says

Posted May 22, 2015

Under Economic Issues, International Trade Issues

(Doug Alexander – Bloomberg)

Canada’s economic recovery trails that of the U.S. due partly to the decline of exporters in the country, Royal Bank of Canada Chief Executive Officer David McKay said.

“We lost over 7,000 export-oriented companies since 2008 on the stronger dollar, hundreds of thousands of employees,” McKay said Thursday at Bloomberg’s Canada Economic Summit in Toronto. “A lot of that was a permanent loss to Mexico, U.S. offshore capability and obviously China.”

Canada’s gross domestic product may expand by 2% this year and could increase to 2.5% next year, McKay said. That compares with U.S. economic growth forecasts of 2.5% and 2.8%, respectively, according to data compiled by Bloomberg. Click here to read more.