We need your input, your information, and your views. We can only formulate good policy if we are good listeners. So I encourage you to talk to us. The phone lines and doors at our regional offices, here in Toronto and across the country, are open. Recent economic developments Constructive two-way communication is particularly critical in times of increased uncertainty about the future.
So let me now say a few words about how the Bank views the current economic situation. The Canadian economy began 2001 from a strong base—expanding by an estimated 5 per cent, on average, in 2000 and with solid growth continuing right through the second half of last year despite the slowdown of the U.S. economy.