The governor of the Bank of Canada is rejecting the notion that the country is excessively dependent on its natural resources sector, arguing that the economy remains highly diversified.
Stephen Poloz made the remarks Monday during a question-and-answer period that followed his speech in Calgary — in a province where the energy sector has been hit hard by the plunge in oil prices.
“You gotta believe it’s better to have some of this stuff than not to have that stuff,” Poloz said of commodities in response to a question from the audience at the event hosted by Calgary Economic Development, a non-profit group that promotes growth in the city.
Poloz described natural resources as Canada’s “backbone” because they represent about 20 per cent of the economy, adding that other sectors remain, in some ways, dependent on it to perform well.
Meanwhile, Poloz said he doesn’t “fret about it.”
“We’re a highly diversified economy and we should be thankful that we’ve got resources as part of our diversification, whereas lots of other countries don’t have that,” he added.