I would like to take this opportunity today to discuss the factors that have affected the recent performance of the Canadian economy, to explain the role that monetary policy has played, and to conclude with some comments on our future economic prospects. The Canadian economy in a changing world environment The world economy has been going through profound changes.
Many developing countries have embraced open markets and international trade as a means of accelerating their economic progress. Deregulation and privatization initiatives have been undertaken by both developing and industrial countries, typically as part of structural adjustment programs to improve economic performance.