Thank you, Madam Chair.
I will give the deputy minister a chance in a moment to explain a little bit about the growth strategy on the other side. I certainly welcome him to his new role.
My first question, either for him or perhaps Mr. Leswick, is about page eight of volume I. We talk about our government debt-to-GDP ratio, which, of course, was quite healthy in 2020. There are going to be challenges, we know, because of COVID. It talks about the IMF and combining provincial, territorial and local governments, and then also assessing the Canada pension plan and the Quebec pension plan, and the debt-to-GDP ratio stood at 25.9%.
I would like to try to get some clarification. Obviously, the federal debt-to-GDP of the national economy is about 31% in this updated statement. Provinces would also carry their own debt.
How are we duplicating...in the sense that there's only one Canadian economy? Would it not be higher than that? Can someone explain to me a little about why it's at 25.9%?