Thank you, Mr. Chair.
Mr. Macklem, in 2002, Canada's gross domestic product per capita was about 80% of that of the United States. In 2022, it was 72%. In 2002, Canada's GDP per capita was 8.6% higher than the OECD average. In 2022, it was below the average. Professor Paul Beaudry recently noted that, compared to other countries, Canada is collectively getting poorer.
In your opinion, what are the main drivers of this change, what can the Bank of Canada do to help correct this trend, and to what extent is the strength of the U.S. dollar responsible for this state of affairs?