Growth is strong, sustainable, and balanced. There is no doubt we would all be much better off with the last scenario (Table 1). By 2015, the difference in the level of global GDP between the deflation and framework scenarios is about 12 per cent (Chart 6). 18 For Canada, the difference would be 10 per cent of Canadian GDP.
19 The morality of global imbalances If the gains to rebalancing are so considerable, why isn’t it assured that countries will take the necessary steps? There are two issues: misdiagnosis and coordination. Regarding the former, some view global imbalances, not as a missed opportunity but, rather, a modern morality tale.