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Conference Paper
Transitioning to more balanced and sustainable growth
Canada shares many similarities with emerging market economies (EMEs) in Asia. Indeed, in some respects, we wish we were even more like them?particularly in regard to growth. Like most Asian countries, Canada has a very open economy that is heavily influenced by developments elsewhere, especially those in its southern neighbour. Despite Canada?s sound financial system and solid fiscal position, it was seriously affected by the financial crisis and suffered proportionately almost as much as the U.S. economy did over the 2008-09 period, owing to its strong economic and financial links to the ...