- 16 -  The Commodity Price Shock and Prospects for Canadian Exports The drop in commodity prices and the associated depreciation of the Canadian dollar ushered in a complex adjustment within the Canadian economy. As a result, the exporting landscape is transitioning once again. Canada’s resource sector is shrinking in economic importance as investment and employment shift toward the non-resource sector.
But because the needed change has political elements to it, I take my cue from speeches by two central bankers whom I respect greatly, Ben Bernanke in his 2005 “Global Savings Glut” speech, and Jaime Caruana in his 2012 speech at Jackson Hole, both of whom have raised similar concerns to mine, although from different perspectives.