Our most recent projection is the one contained in the July MPR. For the benefit of the committee, I could talk about the process and then ask Mr. Macklem to give some details.
What the bank does is provide full projections four times a year, coinciding with the publication of the MPR. Our next full projection will come out in October. We release that projection to all Canadians at the same time. Obviously, as events happen--positive or negative, domestically or internationally--we update our thinking constantly on where the economy is going. What we do not tend to do is provide a real time, three-decimal place updating of our projections for growth in Canada and growth abroad, etc. We give indications of where things are going, but we're not introducing added volatility from real-time monitoring.
As a last word of introduction, in our view the broader outlines of what we projected in our July monetary policy report, particularly with respect to the domestic economy, still hold. What's changed is that some of those external downside risks have been realized: there is weakness in the U.S., as we've talked about, and weakness in Europe, and there are other factors that will cause challenges on the export side. There is a little tightness in financial conditions as well.
Tiff, could you elaborate?