Furthermore, during the current episode of marked movements in relative prices, there has been broad-based economic growth across all Canadian regions. Canada is not the only economy that has coped better with recent shocks. To varying degrees, other countries have as well - which partly explains why world economic growth has held up better this time around.
Clearly, many national economies have been able to respond more flexibly than in the past to unexpected developments. And this has helped to mitigate the impact of shocks, advance the adjustment, and support continued strong economic performance.