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Poloz says Canada’s Economic Growth at Risk if Low Oil Price Persists

Posted October 30, 2014

Under Economic Issues


Bank of Canada Governor Stephen Poloz says the sudden plunge in the price of crude will knock roughly a quarter percentage-point off economic growth next year.

Making his first public remarks since last week, when he postponed a planned news conference and appearances before House of Commons and Senate committees after the deadly shooting near Parliament Hill, Poloz said oil at less than $90 (U.S.) a barrel would deliver a significant hit to the Canadian economy.

“A quarter-point matters a lot,” he said on Wednesday in testimony before the Senate banking, trade and commerce committee. He told the committee that the economy is only expected to grow by 2 or 2 ½% next year. Read more here.