Just for clarity, that 3.5% number I gave you was for the world economy, which of course has a mixture of very fast-growing economies like China and India and so on. It's higher than our average. Our growth rate is a little less than 2% farther out. Between now and then we're going to grow above 2%, around 2.5%.
In that context, the reason we need to have growth in Canada above our potential growth rate is because we have the excess capacity. If we don't achieve that, then the excess capacity will persist and inflation will continually be pushed down below our target.
This is why our interest rates are what they are: to speed the economy up, to fill up that excess capacity gap, and to get inflation to sustainably land on 2%. For right now, my best estimate of inflation, as I said in my opening remarks, is complicated because prices are moving because of oil prices and because of the exchange rate depreciation. Those are temporary things that we look through.
We believe that, taking out all the temporary effects, inflation is running at around 1.6% or 1.7%. If nothing else happens, that's where we'll stay. But under our forecast, it creeps up to 2% because the economy gets back to full employment.