•  Significant policy stimulus has been introduced in Japan. •  Europe, in contrast, remains in recession, with economic activity constrained by fiscal austerity, low confidence and tight credit conditions. •  After picking up to very strong rates in the second half of 2012, growth in China has eased.
•  Commodity prices received by Canadian producers remain elevated by historical standards and, despite recent volatility, overall they are little changed since January. •  The Bank expects global economic activity to grow modestly in 2013 before strengthening over the following two years.