• The global economy has slowed markedly since July.
• The outlook for the Canadian economy has weakened since July, with the significantly
less favourable external environment affecting Canada through financial, confidence and
trade channels.
• The Canadian economy is projected to expand by 2.1 per cent in 2011, 1.9 per cent in
2012 and 2.9 per cent in 2013.
• The Canadian economy is expected to return to full capacity by the end of 2013. Total CPI
inflation is expected to trough around 1 percent by the middle of 2012 before rising with
core inflation to the 2 per cent target by the end of 2013.