Growth rate is equal to the growth rate of per capita GDP plus population growth, roughly. For example, let's say our growth rate for this current year, 2024, is 0.9% for GDP. Who knows what will happen in 2025? Even for the IMF—and I taught some of the people who are there—these forecasts are kind of hard to do, given all the uncertainty these days. Taking this year, you have 0.9% growth in GDP for Canada, if I recall the number correctly. The growth in population has been a little over 2%. That means our per capita GDP has fallen, minus 0.9%. It has declined, because all our GDP growth in the past couple of years—almost three years now—has been due to population increase, and our per capita GDP has actually dropped.
