in canada between domestic and foreign demand. all components of gdp will contribute to growth, again, as normal. the unemployment rate in canada can also be expected to come down to a more natural level. consumer and government debt loads will be on a sustainable path. firms will be generating self - sustained growth. in addition to these familiar elements, some things will look significantly different when we get home. we may be trading with new customers in new markets. emerging markets are becoming more important to our exporters. canadian companies have done a lot during this cycle to diversify into emerging markets, which are a growing – although still small – piece of our total trade. the nature of trade is also changing. more and more exporters are part of global value chains. today, an exported good to the united states can ultimately end up being reexported to more than 100 other countries in a global value chain. research shows that companies that are part of a global value chain, because they have specialized, have higher productivity, which means better - paying jobs. the mix of what we trade externally and what we sell here in canada has already begun to evolve and undoubtedly will be different when we get home. the future will likely include a shift in the shares of manufacturing and services in the economy. commodities may constitute a larger share than they do today. the sectors with the greatest anticipated job growth are both traditional and new : on the one hand, mining, oil and gas, and on the other, computer system design services. employment is also expected to grow steadily in health care and transportation. we also have to be ready for surprises, when we get home, especially among the new emerging businesses. for example, in 1971 when the first microprocessor was invented, we didn ’ t even have microcomputers. just as new technologies and industries emerged from previous recessions, this return to natural growth will include the development of new technologies, new firms and new jobs. whole new sectors will take off ; descriptions of new classes of jobs will be written ; and people will be hired under brand - new, yet - to - be - defined job titles. for instance, until recently, who would have thought of a social media expert or a professional blogger as careers that our kids might aspire to? i'm not going to try to predict what new product, service or technology will deliver the next big boost to our economy and the labour force. but there are sectors that have the potential for

to determine the strength of potential output growth and the size of the output gap and the labour market gap. rest assured, we will conduct monetary policy that is appropriate and consistent with achieving our target of 2 per cent inflation. conclusion many of the conditions needed to support a return to natural growth are already in place in canada. these include a sound macroeconomic framework, a stable financial system, a well - educated workforce, and abundant natural resources. we are optimistic that the gathering momentum in foreign demand, especially in the united states, should help lift the confidence of canada ’ s business leaders and exporters. we can expect the emergence of new products, new processes, new structures and new industries – in short, a resurgence of the creation side of the creative - destruction process we attribute to joseph schumpeter. it may be slow in coming, but it will emerge, and it will serve as a driving force of economic growth. the bank is absolutely committed to keeping inflation predictable, stable and on target. this is sacrosanct. our flexible inflation - targeting framework is the best contribution monetary policy can make so that canadian households and businesses can make decisions about their financial future with confidence. in short, this is what we can do to help nurture a return to natural economic growth in canada. bis central bankers ’ speeches