A low government debt burden. We believe net general government debt is unlikely to surpass 30% of GDP in 2009, less than one-third its level in 1996, despite fiscal stimulus and financial sector liquidity provision A relatively diversified, export-oriented, high-income economy. Good recent fiscal performance has helped reduce external indebtedness, with public-sector external debt projected at 40% of current account receipts in 2009, compared with 66% in 1996 Prudent monetary policy, as demonstrated by more than 15 years of annual inflation of 3% or lower A stable political and judicial system, including competent civil servants and well-established property rights High dependence on the U.S. economy: Almost 80% of Canadian goods exported and more than 50% of Canadian goods imported are
