In other words, we worried that damage to the incomes and careers of a whole segment of the population, particularly women, youth and immigrants, would be permanent. The recovery That brings me to the second phase: the fastest recovery ever. Do you remember that first year of the pandemic? We couldn’t travel abroad or even much within Canada, so we stayed home.
 Uncertainty related to trade frictions and the ensuing decline of crossborder flows of goods and services, is most probably behind the recent moderation of industrial activity, particularly in sectors that are heavily reliant on GVCs, such as manufacturing.10 The downshift that has been observed in global industrial production since last year is partly the result of transitory shocks such as the ones experienced by the European auto industry a few months back.