摘要：The need for structural reform in the Canadian economy was evident by the early 1990s. As in
other industrialized countries, GDP growth had slowed considerably, reflecting a downturn in
productivity growth that began in the 1970s and persisted until the mid-1990s. As a result, growth in
real household income stagnated. Unemployment increased from an average of 4.9 percent during
the 1960s to 9.4 percent during the 1980s, and over 10 percent by the early 1990s. Inflation
exploded following the oil shocks of the 1970s and years of chronic deficits, used to finance current
spending, had pushed Canada¡¯s debt-to-GDP ratio to levels above the G7 average. By 1992, net
lending in Canada had reached over nine percent of GDP and net financial liabilities42 had reached
68 percent of GDP (compared to the OECD average of 49 percent). The impending retirement of
the baby-boom generation gave added impetus to fiscal reforms lest both current debt and
unfunded liabilities be passed on to future generations.
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