With this as background, I would now like to turn to the impact of these international developments, and of the associated uncertainties and pressures in financial markets, on Canada. How is our economy faring? The international developments of the past year have affected our economy more than previously anticipated.
And there is no doubt that those Canadian industries and regions that depend on the production of primary commodities are facing considerable difficulties. To appreciate this particular link between recent international developments and the Canadian economy, let me point out that Asia, including Japan, absorbs between 30 and 35 per cent of the world output of certain key primary materials.