As you know, we published our Annual Report last week and, in my statement today, I will outline the rationale behind our latest forecasts for economic growth. In our earlier forecasts, it was always emphasised that there were many downside risks and vulnerabilities that could push growth lower.
Senior Deputy Governor Wilkins and I are glad to have the opportunity to answer your questions about today’s policy announcement and Monetary Policy Report (MPR). Allow me to begin with a few comments. The Canadian economy is experiencing a significant and rapid contraction. The shock is a global one, affecting all countries, but commodity-producing countries like Canada are being hit twice.