However, unemployment is still intolerably high and much more remains to be done. In this context, it is important to make headway with the reform agenda put forward in the Lisbon strategy. We should just not accept that the recovery might again be constrained by the unsatisfactory potential growth level.
While these global headwinds are restraining Canadian economic activity and there are some short-term special factors weighing on growth, current underlying momentum is at a pace roughly in line with the growth of the economy’s production potential. Economic growth is expected to pick up through 2013.