It is important to note that ToTEM2 and many of the other models used by the Canadian Economic Analysis Department rely critically on inputs provided by a Global Economy Model (GEM) and a detailed Model of the U.S. Economy (MUSE) constructed and overseen by the International Department, again supplemented with many other pieces of information.
Since Canada is an open economy, international developments, such as movements in commodity prices, growth in Asian demand and prospects for the U.S. economy, play a major role in determining the path of the Canadian projection.