Canadian makers of goods such as dishwashers shouldn’t look to a depreciation of the nation’s currency to save their businesses, said Carl Weinberg, chief economist at High Frequency Economics.
Parts of Canada’s manufacturing industry will be wiped out by lower-cost Asian rivals, according to Weinberg, who said the country doesn’t have any competitive advantage when it comes to the business of bolting together cars and appliances from imported kits.
“In some sectors, no exchange rate can ever make them competitive again,” Weinberg said in a telephone interview from Valhalla, New York. “Canadians have to focus on things that only Canadians can do in Canada.”
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