But over the past five years, we have seen essentially the reverse take place. There has been very vigorous global growth, accompanied by high prices for the commodities that Canada produces. As a result, Canada's terms of trade have seen a sharp improvement, while the U.S. terms of trade have deteriorated. And the Canadian dollar has appreciated against the U.S. dollar.
At the same time, it is essential to push ahead with well-tailored structural measures that will facilitate the reallocation of resources over time to more viable sectors, minimise permanent scarring effects on our economies and support potential growth in the medium term.