Foreign investors believe the strength of the Canadian economy has staying power and that means B.C. could reap the benefits, according to CIBC World Markets.
In a report released Wednesday morning, CIBC government strategist Warren Lovely said Canada’s recent financial performance has caught the eye of foreign investors while other developed nations languish amid debt concerns.
Lovely believes the B.C. government’s prudent fiscal management and proximity to Asia will bolster the economy.
“Some will be surprised by the extent to which the Canadian government, British Columbia in particular, better their fiscal and economic targets for this year,” Lovely said in an interview. “I think there’s every reason to believe that 2010 will be a very strong year for the British Columbia economy overall.”
He said the country as a whole has a growing list of strategic advantages over other nations such as:
But there’s evidence of an impending slowdown in the U.S. economy, Lovely said, and that will inevitably leave a mark on Canada.
Said Lovely: “Canada is not without its challenges and there will be hurdles we’ll need to clear and obstacles we’ll need to navigate, but the country possesses a number of strategic advantages that leave us well positioned.”