And despite the loss of jobs in the resource sector, close to 350,000 net new jobs have been created across the economy over this period. The three factors I mentioned earlier – low inflation, reduced budget deficits and debts, and business restructuring – have provided a sound base for the Canadian economy during this turbulent time.
They have also helped smooth the process of exchange rate and economic adjustment that I have been describing. Because of our good inflation record in recent years, achieved through the Bank’s commitment to inflation targets, inflation remained subdued, even as our currency was falling and causing prices of imported goods to rise.