I’d like to spend some time reflecting on the evolution of the Canadian economy and what we as Canadians have achieved in the past few years. Then I will talk a bit about the outlook and the uncertainties facing the global economy, and how Canada’s successes on the fiscal and monetary fronts will help us weather those uncertainties.
The economy continued to grow by 7.2 percent in 2013. This performance beat market expectations and the Government’s target of 6–7 percent for the year. Inflation was at the low end of the Government’s target range of 3–5 percent. Meanwhile, our banks remained a source of strength as the system’s balance sheets stayed solid.