Question 1:Overview of the Macroeconomy: Interpretation(25 marks)Please discuss

Question 1:Overview of the Macroeconomy: Interpretation(25 marks)Please discuss the current state of the macroeconomy in Canada.In particular please discuss the growth rates and gross domestic product the unemployment rate and lastly inflation.Please discuss how these variables compare to both the short and long run averages.In providing answers please provide where data was obtained.You can use the internet or more authorative sources such as the Bank of Canada Statistical Canada (Cansim) dataset or the IMF/World Bank websites.After you have ascertained this information please make a determination as to whether the economy is at its long run equilibrium level (full employment) or whether it is in a recessionary or expansionary gap.(Hint: the economy is rarely at its long run level).