High dollar hurts non-energy exports

A recent Bank of Canada discussion paper found that exports in half the categories surveyed would benefit from the decline in the value of the Canadian dollar. The paper also listed many of the sectors the Bank of Canada views as being key to Canada's economic recovery.

When the energy boom pushed up the Canadian dollar, concerns were raised about the impact of the high dollar on other sectors of the economy. The recent discussion paper is one more reminder that the concerns were valid and that the federal government didn't pay enough attention to the impact a boom in one sector was having on the economy as a whole.