Business

Canada loses much from the fall in oil prices

January 13, 2015

According to the newly published data energy export from this country in November has been decreased by almost 10%. It is the maximum decrease for 3 years. That is a serious blow for Canada, the seventh largest oil exporter in the world, which can lead to a slowdown in economic growth. The main market for Canadian hydrocarbons is the USA.

Canada loses much from the fall in oil prices

Canada joined a group of Western countries that suffer significant losses due to low oil prices.

“The collapse in the oil market can destroy the entire industry. In addition, the real estate market in Canada suffers,” – said Paul Ashworth, Chief North American Economist of Capital Economics, in his interview to Bloomberg.

Experts expect the Bank of Canada will be forced to reduce the rates to support the economy any time soon.

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January 13, 2015

James Wilson

A proud native of Montreal, James discovered his passion for the business world while studying journalism. He has written for a number of Canadian financial newspapers. Though still in his 30’s, James has seen a number of economic bubbles come and go. He followed the social bubble and thinks mobile is a revolution and not a bubble.