The Bank then provided exceptional guidance on the likely path of interest rates necessary to achieve the inflation target in order to maximize the monetary stimulus from its actions. Second, Canada entered the recession with notable advantages, including a well-functioning financial system, strong corporate balance sheets, and relatively healthy household finances. We will have to draw on these advantages during the recovery.
While the global downturn was synchronous, economic performance across markets and sectors is likely to be increasingly uneven. For some Canadian businesses, the recovery may prove as challenging as the downturn. Do not be misled. This was the Great Recession.