CA

Canada's economy is a tale of two sectors: a robust commodities engine and a fragile, debt-laden housing market. With -0.96% surplus driven by exports, the external sector remains a pillar of strength. However, the internal Debt/Income ratios are among the highest in the OECD, making the economy highly sensitive to the [N/A] policy rate. Further fiscal dominance in the form of housing subsidies may be required if the net liquidity impulse turns negative.