Although Canadians have to deal with these difficulties coming from abroad, it is important to remember that, overall, our economy is still in good shape. This is, first and foremost, because some basic aspects of our economic situation have improved markedly in the last few years.
We now have a low rate of inflation, a fiscal surplus, and a declining (though still high) public debt-to-GDP ratio. As well, Canadian businesses have undertaken major restructuring and investment initiatives to increase their productivity. Because of these fundamental strengths, we are now better positioned to weather sudden shocks.