My forecasts are spread over three periods. We'll have more difficulty in 2009, but there will be an economic recovery in 2010 and 2011. Then we'll have to wait a number of years to solve the problems that have been caused during the current period. The United States is forecasting a deficit of more than $2 trillion next year and more than $1 trillion for a number of years. Their debt burden relative to gross domestic product will exceed 40%. It may take a number of years to correct that situation. Cuts will have to be made to spending and so on. Banks, especially in the United States and Western Europe, will need to replenish the capital they have lost during this period.
There will be economic growth, but the rate will be depressed as a result of these factors. Instead of 3% from 2011 to 2015, for example, the growth rate may be 2% to 2.5%. I don't think the answer in Canada is to add more tax measures. I am very much concerned. I nevertheless anticipate a deficit of approximately $40 billion. There will be an economic recovery in Canada, the United States and the world, both as regards demand from the United States for Canada's products and in the price of natural resources in Canada.
This is one of the major differences between Glen and me concerning revenue and taxation. I think Canadian resource prices will remain quite low for the next two years because global growth rate is very low; there's no demand for those products.