1  United States  Page 2 of 12  The election of a new US administration in November 2016, which pledged largescale tax cuts and an „America first‟ approach to external trade, compounded market fears of a disruptive rise in US interest rates and an appreciation of the dollar.
Major advanced economies, including Canada's, are now in recession, and emerging-market economies are increasingly affected. Commodity prices – especially energy prices – have fallen as a result of substantially weaker global demand. Stabilization of the global financial system is a precondition for economic recovery. To that end, governments and central banks are taking bold and concerted policy actions.