As for the near-term outlook, there are also a number of positive elements in the picture. Economic activity in the United States, our main customer, remains high. And here in Canada, the latest indicators suggest continued expansion in consumer spending and business investment, supported by higher employment and low medium- and long-term interest rates.
BIS Review 80/1998  -3-  This year, the Canadian economy will not repeat the 4 per cent growth experienced through 1997. But it may still expand by 2½ to 3 per cent (fourth quarter over fourth quarter). Clearly, a good deal of uncertainty surrounds any estimate at this juncture, given the international situation.