The former Bank of Canada governor, David Dodge, said forecasts by the country’s central bank and Prime Minister Stephen Harper that call for a quick economic rebound are unrealistic, the Globe and Mail reported.
Reportedly, Mr. Dodge told the Globe in an interview one year after he stepped down as bank governor that, it will be years before bank lending revives, slowing any rebound in the Canadian and global economies.
Mr Dodge also said Prime Minister Harper’s prediction for a rebound that will bring Canada’s budget into surplus by 2013 is “totally unrealistic.”
What purpose can this naysaying serve except to further undermine consumer confidence? I believe this yesterday’s man should keep his big mouth shut. He is no longer the governor of the BOC, and as such is not responsible for setting our government and current BOC straight with his superior wisdom.
The Bank of Canada forecasted recently that Canada’s economy will return to growth later this year, although current Governor Mark Carney said on March 15 that the global economy was deteriorating faster than he anticipated. Add to this the recent positive comments PM Harper has made.
These are the men responsible for piloting us through the current economic storm, and they don’t need to be publicly undermined by some publicity-seeking, know-it-all former civil servant.