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For as long as he’s been governor of the Bank of Canada, Stephen Poloz has been promising that exports would replace commodities and housing the driver of economic growth. The “rotation,” took longer than he expected it would, but finally, two months ago, Poloz declared victory. “The export recovery is alive and well,” he said.

Or not.

Contrast Poloz’s July remarks with this observation from the Bank of Canada’s latest policy statement, released Sept. 7: “Exports disappointed even after accounting for weaker business and residential investment in the United States, adjustments in the resource sector, and cutbacks in auto production.” As a result,...

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  • Kevin Carmichael

    Kevin Carmichael is a CIGI senior fellow and a national business columnist for The Financial Post. Kevin began his career in journalism reporting with The Canadian Press between 1998 and 2000. He worked at Bloomberg News, first in Ottawa and then in Washington, DC, between 2000 and 2005. While at Bloomberg, he covered the Bank of Canada, the US Treasury and also visited several countries as a member of the Treasury’s press pool. Kevin joined The Globe and Mail in 2008 as the national business correspondent.