This in turn strained and disrupted already weakened global supply chains, which I spoke about in my last speech. This sharp rebound in global demand for goods, along with pandemic-related restrictions and some weather-related events, created the perfect storm. The global supply of goods did not meet rapid growth in demand, causing goods prices to rise in Canada and around the world.
I consider necessary the additions to risk provisions which banks, according to information provided as part of the low-interest-rate survey, are planning in the medium to long term. It is good to see the managing boards at these banks are resisting the inclination to assume that conditions will always be good.