Thank you for your question.
The net debt to GDP ratio is favourable for Canada, true. However, the gross debt to GDP ratio has deteriorated further, and the gross debt is what we pay interest on. At present, we are expecting interest rates to rise, so we have to take a long-term view.
Yes, the government made investments to support the economy during the pandemic. The last budget contained a lot of measures for the green transition, that we welcomed and that we believe are necessary. We have to combine fighting climate change and business competitiveness and use them to create new opportunities. However, we think there are also other programs that could be expensive over time, when interest rates are going to rise. So most importantly, we have to take a long-term view.
There are other things that worry us. For example, at some point, is the tax burden going to have to be increased? We think that we don't have a lot of leeway in this regard, especially for businesses, if we look at what is being done elsewhere. That's why we believe we have to continue to be concerned about controlling the debt in the long term. That is part of the sound management of public finances for all orders of government. We also acknowledge the need to make investments to stimulate the economy when it's necessary and, most importantly, to make the green transition. In addition, we are facing demographic aging everywhere in Canada, and even more so in Quebec. That challenge will bring other needs with it.
All these considerations have to be kept in mind. Canada does have a good track record in some respects, but it also has challenges to meet.