The recent performance of the Canadian economy Here in Saskatchewan, you know only too well that the last couple of years have been difficult for the Canadian economy, especially for producers of primary commodities. But there is reason for optimism as we look ahead.
To fully appreciate why, we need to understand the international shocks that have buffeted our economy since mid-1997 and how we have dealt with them. The global financial crisis, which started in Southeast Asia in mid-1997 and spread to other countries during 1998, led to a sharp decline in the world prices of primary commodities.