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Canada's economy depends on growing confidence continued from p.1 Poloz discussed key ways to move Canada's economy forward. "As our economy continues to expand, it will be the performance of the business sector here and across Canada over the coming while that we will be watching with great interest." Poloz said the economic downturn was not like other recessions of the past. Even though Canada performed better than its G7 peers, he said, the recession put many companies out of business, especially exporting firms. Many of those companies that managed to survive dramatically reduced their operations, closing plants and dismantling equipment. "These actions hurt badly, in terms of job losses and lost output. While both have recovered -- in fact, surpassed their pre-recession peaks -- the structural damage caused by the crisis lingers. Indeed, our recovery has been primarily driven by higher household spending, while exports have lagged behind," said Poloz. "Rather than a recovery in the usual sense, this looks more like a postwar reconstruction." Currently, Poloz said, Canada's annual exports are more than $100 billion lower than would be typical at this point in a recovery cycle. To remedy this, Canada's existing firms need to boost their production and invest to expand their capacity, Poloz said. The Bank of Canada governor cited the example of the auto sector, which suffered a 70 3 | Friday, June 21, 2013 | OAKVILLE BEAVER | www.insideHALTON.com These actions hurt badly in terms of job losses and lost output. While both have recovered -- in fact, surpassed their pre-recession peaks -- the structural damage caused by the crisis lingers. Indeed, our recovery has been primarily driven by higher household spending, while exports have lagged behind. Governor of the Bank of Canada Stephen Poloz, Stephen Poloz, the newly-appointed Governor of the Bank of Canada, makes his first public appearance as the keynote speaker at an Oakville Chamber of Commerce luncheon. photo by Hannah Yoon ­ Oakville Beaver (Follow on Twitter @halton_photog) per cent decline in production during the recession. The firms that survived, he said, lowered their cost structures, became more innovative and accelerated new product development. "To realize the economic growth that Canada is looking for... we need to see the rebuilding of capacity," said Poloz. "This will require growing confidence among existing businesses and entrepreneurs." Hope is on the horizon with the Bank of Canada anticipating that as foreign demand builds, Canada's exports will strengthen. This development will increase confidence and, as a result, Canadian companies will expand and invest to increase their capacity. New companies will also be created during this period. "This sequence may already be underway," said Poloz. He said the Bank of Canada would aid in this economic reconstruction by keeping inflation low, stable and predictable. It would also nurture company confidence by explaining the forces at work in the economy and the bank's monetary policy response. inside today's Editorial Sports Beaver www.insideHALTON.com 6 25 Artscene Classified 23 32 Dell, Home Hardware, New Homes, Ribfest, Smart Source, QSI Windows and Doors, Clock Work Home Services, Bass Pro Shops, Michael's *All flyers not necessarily delivered to all homes For home delivery & customer service call 905-631-6095, 5300 Harvester Rd., Burlington New subscriptions call 905-631-6095 or subscribe online @ www.oakvillebeaver.com INSTALLATION * SALE OAKVILLE'S FINEST LIGHTING FAN SALE STORE (Speers Road east of Dorval) Oakville 243 Speers Rd. 905.849.LITE(5483) Burlington 1515 N. Service Road 905.331.7444 elementArY Learn about HSC's ProgrAmS www.hsc.on.ca at At HSC, I Am leArnIng to be A leAder. Something as simple as a five-year-old helping a three-year-old with a coat can develop into the older student helping at community events. Early connections and experiences build the foundation of global citizenship. - Danielle Hourigan, Montessori School Vice Principal PLUS FREE LIGHT BULBS for life! CONCEPT LIGHTING Learn about our neW Toddler Program. Mississauga 5980 McLaughlin Rd. #3 near Britannia 905.712.4548 *SEE STORE FOR DETAILS Hillfield Strathallan College is an independent day school for Montessori Toddler and Pre-Kindergarten students to Grade 12. Visit us at www.hsc.on.ca. Call Scott barton 905-389-1367 www.conceptlighting.ca