Thank you, Mr. Chair. The first question is directed to Glen, from the Conference Board.
Glen, in the last couple of months we've had significant revisions to Canada's economic growth profile for 2016. We've had a large downward revision in economic growth from the private sector forecasters. We've seen the output gap, if you want to call it that, probably not close quickly enough or as quickly as we had assumed.
We have 10-year government rates at 1% and 30-year rates at below 2%. We have a historic moment when we can undertake strategic investments, as you commented in your opening remarks, in a prudent fashion and allow the debt-to-GDP ratio to decline but at the same time take advantage of slackened labour markets where stimulus is needed, investment is needed, and there's an infrastructure deficit. We've had the Governor of the Bank of Canada comment that infrastructure spending and investment are economic enablers.
Two or three months ago, Mr. Bernanke was in Toronto, where he opined the same thing. We've also had the past governor, Mr. Dodge, come out vigorously for strategic investment in infrastructure across Canada.
I would like to ask your views on the infrastructure spending that could occur in the coming months. We think it will occur and that it is needed, with the understanding that we continue to allow the debt-to-GDP ratio to decline and we provide mild stimulus investment for the economy.