Some Canadian sectors and regions are hot and some are not, but all will ultimately reap the benefits of the country's rich resource endowment, even as some difficult adjustments take place.

Canada has been adjusting to two major economic shocks in recent years, Bank of Canada Governor Stephen S. Poloz told members of the Saskatchewan Trade and Export Partnership. One shock is the aftermath of the financial crisis, which lowered global demand, hindering all sectors. The other is a rise in oil prices that benefited the energy sector and prompted a 7 per cent gain in national income, but presented challenges for some exporters.

Still, the Bank projects that it will take until early 2016 to get underlying inflation back up to 2 per cent and the economy growing at full capacity. "Our economy has room to grow. And, when we do get home, there is a growing consensus that interest rates will still be lower than we were accustomed to in the past," Governor Poloz said.

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