How far this process will go, however, nobody can say – though there has been no shortage of attempts to predict the number of German or European institutions in 2050.
Our current base-case forecast calls for the Canadian economy to absorb its excess capacity sometime in the first half of 2018, which is a bit sooner than we projected three months ago. We are certainly happy to see the recent strength in the economic data and want to see more of it in order to be confident that growth is on a solid footing.