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WASHINGTON – The perplexingly persistent sluggishness of exports has slowed Canada’s adjustment to low oil prices, the country’s central banker said Saturday.
The problem continues to confound, Stephen Poloz said.
Canada is relying on an anticipated jump in non-commodity exports, abetted by a lower dollar, to offset the pain of lacklustre oil prices in a transition Poloz said should take three to five years.
But it’s happening slowly.
“We’re going to report more on that in a couple of weeks,” the Bank of Canada governor told reporters during international financial meetings. “But it’s our lack of understanding that causes us to say something like… there’s a level gap between where we thought the economy would be… and where it actually is.”
The latest statistics from the federal government actually show an annualized decline in exports of 2.5 per cent so far in 2016, explained partly by the summer fires that interrupted oil production in Alberta…

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‘October surprise’ reveals ‘public and private’ Hillary ClintonU.S. Democratic presidential candidate Hillary Clinton  June 6, 2016. (Lucy Nicholson/Reuters)
WHITE PLAINS, N.Y. — Hillary Clinton took nearly every precaution to ensure voters would never know what she told investment bankers, lobbyists and corporate executives in dozens of closed-door paid speeches before running for president.
Turns out, the Democratic presidential nominee had good reason to do so.
The private comments strike a tone starkly at odds with the fiery message she’s pushed throughout her campaign, particularly during the hard-fought Democratic primary. Some of her remarks give fresh fuel to liberals’ worst fears about Clinton, namely that she is a political moderate, happy to cut backroom deals with corporate interests and curry favour with Wall Street for campaign dollars.
The WikiLeaks organization on Friday posted what it said were thousands of emails obtained in a hack of the Clinton campaign chairman’s personal email account. Among the documents posted online was an internal review of the speeches conducted by campaign aides to survey the political damage her remarks could cause if they ever became public…

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