Digital Progress: Canada

PAC Fundamentals Driving Growth • • STRONG GOVERNANCE Democratic countries with open economies Independent central banks with inflation-targeting regimes Free trade agreements and free-floating currencies Business-friendly environments • SOUND MACRO ENVIRONMENT Diversified economies with solid underlying economic fundamentals Relatively low debt/GDP ratios compared with OECD and emerging-market economies Increasing adoption of banking services • FAVOURABLE DEMOGRAPHICS Over 230 million people with a median age of 30 years Important exposure to growing Asian markets while maintaining close links to US economy Among the fastest growing smartphone markets in the world Considerable growth in the middle class 29

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