First of all, I would like to welcome you to this committee.
You are right, the Canadian economy is not currently operating at its full capacity, which is normal after a recession. The gap between demand and our economy's full potential is still not nearly as wide as in the United States.
Every October, the bank releases a projection, or an estimate, for the potential growth rate of the Canadian economy. It is around 2% per year. It is the result of productivity and a growing workforce in Canada.
The gap between the potential demand and the level of the Canadian economy is currently at almost 1%. That is the bank's estimate.