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Economic growth in Canada is projected to average just over 1 per cent in 2015 and about 2 1/2 per cent in 2016 and 2017.

This supervisory guideline explains the incident reporting requirements applicable to payment service providers subject to the Retail Payment Activities Act and provides clarity on how the Bank expects payment service providers to comply with them.

Canadian firms’ expectations for high inflation may be influencing their price setting, supporting strong price growth and delays in the transmission of monetary policy. Using data from the Business Outlook Survey, we investigate the reasons behind widespread price growth seen in Canada in 2021 and early 2022.

In April 1998, the Bank of Canada conducted its triennial survey of activity in the Canadian foreign exchange and derivatives markets. This was part of a coordinated international effort in which 43 countries carried out similar surveys. The foreign exchange market in Canada is the 11th largest in the world, and the Canadian dollar is the 7th most-traded currency globally. The average daily turnover of traditional foreign exchange transactions has grown by 23 per cent (to US$37 billion) since the last survey in 1995. Although this growth was substantial, the rate of increase has declined steadily since the survey began in 1983. The average daily turnover for single-currency interest rate derivatives during April 1998 was US$6.4 billion, an increase of 48 per cent over the previous survey.

Results from the autumn Business Outlook Survey point to continued positive business sentiment across the country, with business activity becoming entrenched. Firms’ prospects remain healthy, although several survey indicators have moderated from the strong summer results.

In an environment of continued high uncertainty, the global recession has intensified and become more synchronous since the Bank’s January Monetary Policy Report Update, with weaker-than-expected activity in all major economies.

Errata: The source for Chart 1 (on page 3) is Global Insight, not the Bank of Canada. As well, in chart 15 (on page18), the base year for the exchange rate index CERI excluding the U.S. dollar should read 1992=100, not 1997=100.

The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010 - such as the inventory cycle and pent-up demand - have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon.

Canadian real GDP growth is projected to average around 2 ¼ per cent during 2014-2016.

This is a report of the Governing Council of the Bank of Canada: Mark Carney, Tiff Macklem, John Murray, Timothy Lane, Jean Boivin and Agathe Côté. It presents the Bank’s outlook based on data received up to 8 April 2011.