Since the deep recession of the early 1990s, Canada's economic recovery has not been as strong as any of us would have liked. There can be no more visible sign of this reality than an unemployment rate that is still unacceptably high. But, today, our economy is growing and strengthening. The economic indicators of the nation have not been this positive in a very long time. Short-term interest rates are lower than they have been in close to 35 years.
Inflation remains under firm control.
In fact, during 1996, our current account moved into the black for the first time in 12 years. The sharp improvement in the current account means that more of the income generated in Canada, stays in Canada, rather than being sent abroad. Mr. Speaker, the renewed confidence in our economy has not happened by accident. It has come about because of the efforts of millions of Canadians, each in their own way striving for a better future. It has happened because governments finally caught up to what Canadians had long realized - that chronic deficits and runaway debt had become an obstacle to the creation of jobs .