  Some emerging markets have begun to implement more restrictive policy measures in response to overheating in their economies. The effectiveness of these policies will influence the path of commodity prices, which have increased significantly since October.
  The recovery in Canada is proceeding broadly as anticipated, with a period of more modest growth and the beginning of the expected rebalancing of demand. The contribution of government spending is expected to wind down this year, consistent with announced fiscal plans. Stretched household balance sheets are expected to restrain the pace of consumption growth and residential investment.