This is an incredibly challenging time for the global economy and for Canada too. Life is more expensive for people in Canada and around the world. Supply chains have been disrupted and the pandemic exacted an economic as well as a human toll.
It is so wonderful to be here today, and to be here with my friends, Lisa Hepfner and Filomena Tassi. Thank you both for being here and thank you both for representing this community so effectively and energetically.
I would like to begin by acknowledging that the land that we are gathered on is situated on the traditional territory of the Mississaugas of the Credit First Nation, and before them, the traditional territory of the Haudenosaunee and the Huron Wendat Nation.
This is a very consequential time for both Canada and the United States. The global economy is changing, and that poses challenges for both of our countries—but it also offers historic opportunities today and in the years ahead.
Our economy had contracted by 17 per cent . Three million Canadians had lost their jobs , and our government had just deployed war-time spending to prevent a complete collapse.
To date this year, Canada has committed over $3 billion in economic, military and humanitarian support to Ukraine. This includes $1.9 billion in loans to Ukraine, of which $1.5 billion has already been disbursed. As I said during this week’s meetings, we must all do our part to support Ukraine and its democratically elected government.