The Bank of Canada Deputy Governor Carolyn Wilkins said on Friday that there is a transition to non-resource-intensive industries in Canada.

"Resources are going to need to move from the oil industry - investment is down a lot, we think it's going to be down 40 per cent this year and another 20 per cent next year - to non-resource-intensive industries, like manufacturing," she said.

Wilkins added that when the transition is done, Canada's economy could expand in the 2% range next year and 2.5% in 2017".