From Bank of Canada downgrades to overheated housing markets in Toronto and Vancouver, it seems fair to say Canada’s economy has taken on a more negative outlook.

BMO Capital Markets says despite all the negativity surrounding the economy, there are still a number of reasons to be positive. Here are BMO’s 7 reasons why we should remain positive about Canada’s economy:

1. Economic resilience: Don’t overlook the underlying economy, says Benjamin Reitzes of BMO Capital Markets. He says while we are seeing a shift away from Alberta and the oil economy leading the economy, we’re seeing strength in Ontario and B.C. to help balance things out.
2. Political stability: With everything that’s been happening following the events of Brexit and the failed coup attempt in Turkey, as well as upcoming elections in Germany, France and the Netherlands, the world appears to be facing a rising level of political instability. Meanwhile, Canada is looking at three more years of a majority government.
3. Fiscal stability and stimulus: We often hear that among the G7 leaders, Canada has one of the lowest debt ratios and we’re of course pumping some stimulus into the economy. The fiscal package being rolled out is expected to provide some much needed growth throughout the second half of the year into 2017, according to BMO Capital Markets.
4. AAA rating: Canada is one of just four countries to have a Triple ‘A’ rating by S&P, Fitch and Moody’s, along with Norway, Denmark and Luxembourg. And that small list leaves Canada with the largest AAA-rated debt stock in the world.
5. The steady hand of Governor Stephen Poloz: He may have shocked us twice last year with rate cuts, particularly in January 2015 followed by another cut in July 2015, but BMO Capital Markets says Governor Stephen Poloz looks to have a ‘steady hand at the wheel’ when it comes to our central bank.
6. Canada’s close relationship with the U.S.: It’s a pretty solid horse to hitch our economic cart to, says BMO Capital Markets. Other parts of the world are looking not quite as attractive, including growing economic worries out of China.
7. Demographics looking more growth-friendly: Canada’s growth over the long-term is looking a little more friendly than some of those other nations, with the exception of the U.S. Canada’s working age population is likely to flat-line by 2020, with a few short bursts of modest growth, but that still bodes more favourable than sizable declines in Europe, Japan and China.