I expect that when the numbers for the third quarter of this year are out, they will show that output has grown by about 4% since the third quarter of 1998. This compares with growth of only 2½% over the same period the year before.
To be sure, the economic impact of the Asian crisis on Canada has been moderated by the strength of the US economy and by the prompt response of major central banks, particularly the US Federal Reserve, to the global financial difficulties.