From 2011 to 2015, GDP growth per capita slowed to 0,5 per cent on average; the numbers for 2014 and 2015 are –0,04 per cent and –0,48 per cent respectively. 7  This is discussed, for instance, by Ruchir Sharma in The rise and fall of nations: forces of change in the postcrisis world, published by W.W. Norton & Company, New York, in 2016.
This takes our policy rate off its effective lower bound for the first time since the end of March of 2020—almost two years. We will also be considering when to end the reinvestment phase of our large-scale asset purchases and allow our holdings of Government of Canada bonds to begin to shrink.