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Economic progress, but risks remain: central bank

VANCOUVER — A deputy governor of the Bank of Canada says the economy has made good progress since the plunge in oil prices in 2014, but slack and risks remain.

VANCOUVER — A deputy governor of the Bank of Canada says the economy has made good progress since the plunge in oil prices in 2014, but slack and risks remain.

Lawrence Schembri says recent economic data has been “largely consistent” with the central bank’s outlook for a gradual strengthening in the global economy.

However, he said in a speech to the Greater Vancouver Board of Trade that “uncertainty remains elevated” because of the prospect of policies that put at risk the liberalization of trade in recent decades.

President Donald Trump won the U.S. election with a campaign that denounced free trade deals and called for a border tax, while Britain is set to begin negotiations later this month to leave the European Union.

Schembri says Canada has resisted the protectionist tilt, noting the recent free trade agreement with Europe.

He says such measures as well as changes to immigration policy are positive steps that will help economic growth.

The Canadian Press