And we projected that with average annual real GDP growth of 2.2 per cent this year, the Canadian economy would move back down to its full production potential in the second half. Core inflation was projected to move down to 2 per cent in 2008, and total inflation was projected to return to target by mid-2008.
2. Current state of the economy Papua New Guinea has, over the last 7 years, with a blip in 2009, benefited significantly from the export commodity price boom as it resulted in fiscal surpluses, record international reserve levels, reduced total public debt and sustained real GDP growth.