CLARIFY:MNI 5 THINGS:BOC Offl Calls For More Trade Liberaliztn

--Clarifying Last Paragraph In Story Transmitted at 12:15 PM ET

By Courtney Tower

     OTTAWA (MNI) - Following are the key points made by Bank of Canada Deputy

Governor Lawrence Schembri in a speech regarding Canadian potential output, in

Ottawa, Ontario, Wednesday:

     -- Schembri made no direct to the current monetary policy stance. He

repeated the economy is operating close to potential and the BOC is closely

monitoring expansion in economic capacity. 

     -- Schembri called for more international and domestic trade liberalization

if Canada's output and economic productivity are to grow, along with advances in

education and immigration. Schembri said the Canadian economy's decline in

capital investment and productivity following the 2014-2015 sharp fall in

commodity prices "is now mostly behind us." He illustrated the decline by saying

the BOC has found that potential output growth in Canada from 2009 to 2021 will

average 1.8%, "much lower than the 2.7% average from 1982 to 2008." 

     -- Most helpful for lifting economic potential will be trade

liberalization, Schembri said. Canada's economic agreements with Europe and the

Pacific countries, as well as domestic inter-provincial efforts, "are  helping

to reduce barriers and create opportunities for Canadian 

companies."  "Even as uncertainty about U.S. trade policy currently weighs on

business investment and export growth," he said Canada's "firm commitment to

trade liberalization will remain important for supporting solid potential growth

in the future." 

     -- About education, Schembri said, "history needs to be repeated." Public

and private investment in education had turned Canada from an agricultural

nation to one of industry. Now "New technologies should be harnessed to provide

broad access to the types of education and 

training" needed for the future. 

     -- On immigration, which already accounts for two-thirds of growth in

Canada's workforce, Schembri underlined the challenge of raising levels accepted

while continuing to successfully match immigrants' skills to available jobs,

especially in light of "the elevated number of jobs vacancies in Canada." 

--MNI Ottawa Bureau; +1 613 869-0916; email: yali.ndiaye@marketnews.com