This Fall Outlook has four sections. The first section describes the main aspects of the "new normal" of low growth that has prevailed for advanced economies in the last six years of economic recovery. The second section discusses key factors that have shaped the economic performance of advanced economies and are likely to condition growth in aggregate demand and potential output over the next several years. With this analysis in background, the third section briefly explains our short term outlook for the global economy and Canada to 2018, showing that for the advanced economy it remains well on the low-growth path of the "new normal". Finally, a fourth section draws implications of the "new normal" for the conduct of economic policies in advanced economies and the strategy businesses should follow.