Thank you for the question.
In that context, it is clear that Canadian companies are going to face a major challenge. The fact that the dollar is a little high increases the size of that challenge.
In terms of productivity, we can see that there are some excellent examples when we talk to business representatives individually. But it is not clear in the data we have at our disposal. It is a bit of a mystery. I suppose there are some problems in comparing and accumulating information.
Whatever the reason, it is clear that our productivity is weaker than we would like. The fact that the dollar is high might let businesses buy machinery and equipment at lower-than-normal prices. But that is a trend that we are not really seeing at the moment. We are still waiting for the time when business confidence is high enough for them to decide to make those kinds of purchases. The situation varies from business to business. But it is clear that the global economic uncertainty is making it very difficult to decide whether it is the time to make investments by buying something very expensive.
Personally, I am confident that there will be a gradual progression. But it is not generally clear at the moment.