Carolyn Wilkins: Economic progress report - investing in growth

Remarks by Ms Carolyn A Wilkins, Senior Deputy Governor of the Bank of Canada, to the Calgary Chamber of Commerce, Calgary, Alberta, 30 May 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

It's a pleasure to be in Calgary to provide an update on the Canadian economy and to discuss the decision we made yesterday to leave our key policy rate unchanged. I'd like to thank the Calgary Chamber of Commerce for the invitation.

There is certainly a lot to talk about regarding the outlook. There's the trade war between the United States and China. And, here at home, there are the challenges of operating in the oil and gas sector as well as delivery constraints affecting a broader range of products. It's fair to say that Alberta and other energy-intensive regions have been on an economic roller coaster over the past few years. This has led to painful adjustments for many of you here and has also weighed on Canada's bottom line.