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More job layoffs are anticipated from now until Christmas as Calgary and Alberta fight through a recession this year, but the Bank of Canada Governor says the economy is able to handle the challenges presented by a volatile resource sector.

Stephen Poloz said resources make up more than a quarter of the Alberta economy and “we’ve had to learn how to deal with large swings in their prices.”

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“Any economy that relies on natural resources is naturally going to be challenged by large movements in their prices,” Poloz told a record crowd Monday at the annual 2016 Economic Outlook put on by Calgary Economic Development at the BMO Centre at Stampede Park.

“These shocks are more than just swings in Canada’s national income. They also force businesses to make decisions about the way resources such as their capital and labour are allocated. These decisions often lead to difficult adjustments, but they are necessary for maximizing our economy’s potential.”