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.“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.