The Bank has raised its projection for growth in 2000 to a range of 4 to 4.5% because of stronger demand for Canadian products from both domestic and foreign sources. When it comes to foreign demand, this stronger momentum reflects faster-than-expected growth in several parts of the world, including Europe and the emerging-market economies that were in the eye of the Asian storm.
Even in Japan, where the outlook continues to be uncertain, economic conditions should improve this year. But by far the greatest source of this stronger external stimulus is the tremendous buoyancy of demand in the United States - a market that absorbs over 80% of our exports.