Finance committee  Boy, there are a lot of ways I can go wrong answering that question, Ms. Glover.

Finance committee  The reality of China...China is a study in contrasts. As you know, it's the second largest economy in the world now. Measured in market terms, that 7.7% is as big a contribution to the global economy in dollar terms as our forecast U.S. growth of 2%. At the same time, China stil

Finance committee  Okay. These numbers get slightly revised over time, but the Canadian economy lost about 430,000 jobs in the recession, from the peak to the trough. We recovered all of those jobs. In fact, we've recovered the same amount again on top of that, so we've added the same amount again.

Finance committee  Let me say at the outset that there is some uncertainty about the exact level of capacity or potential in the economy, the level of the economy. But we do a variety of estimates, and then we at the governing council—Mr. Macklem, myself, and four deputy governors—use our judgment,

Finance committee  There are two aspects to it. I'd answer it slightly differently, in the sense that there is unused potential, and it's a question of ensuring that we have the demand to close the gap. That demand takes various forms. Particularly important for our projection will be a pickup of b

Finance committee  It is a good thing. The question is whether it's sustained. Obviously, we watch it closely, as others do, but it has moved down from the upper teens to just about south of 8%, which is our most recent figure on that. There are a couple of factors, one importantly. The tariff adj

Finance committee  If I may add very briefly to this, what's important in the process that Mr. Macklem described is that it has to be coordinated across the major jurisdictions. There has to be development of a list of the jurisdictions that are most—let's be neutral on this—potentially problematic

Finance committee  As I said to Monsieur Côté, a year or so ago, and for a period of time before that, there was this impact of global uncertainty because of events in Europe, which were particularly fraught. There were fundamental uncertainties about U.S. fiscal policy and therefore U.S. demand, a

Finance committee  Thank you for that question, Mr. Rankin. If I may, I'll start, and then I'm going to ask Mr. Macklem to supplement because he did some work, not on the tax aspect of non-cooperatives, but on the broader aspect of non-cooperative jurisdictions, at the FSB. There is an initiati

Finance committee  You ask a lot in your question. With respect to the uncertainty of businesses and the impact that this has on their pace of investments, a box on pages 30 and 31 of the report shows the results of a Bank of Canada investigation. To some extent, the news is good. Indications are

Finance committee  The first thing is—and you know this, but for everyone's benefit—when the bank forms a projection, we try as much as possible to have a balanced projection. There are always upside and downside risks. Unfortunately, over the course of the last several years, those downside risks

Finance committee  Yes, that's absolutely right. There can be short-term, and you're familiar with it.... Mr. Macklem was just in Fort McMurray, and I'm from the area as well, so we're familiar with the kinds of gaps you get there. One doesn't want an over-reliance, certainly, on temporary foreign

Finance committee  I think the spirit of the program and the spirit of the government's review is to ensure that this program is concentrated on higher skills, number one, to fill gaps, and to recognize that those are temporary gaps, so that we are ensuring that Canadian businesses are providing Ca

Finance committee  I would like to answer your first question. I will turn the floor over to Mr. Macklem to answer the second one. I feel that I was saying exactly the same thing. There are many factors that influence the Bank of Canada's monetary policy trend. If I had to choose three factors, I

Finance committee  I'll only answer the first part; we can come back to the second part. We review and update our view of productivity in Canada every October with the October report. There will be an update. The absence of strong investment does raise risk in terms of the rate of productivity gro