And by mid-2001, the Canadian economy will probably be operating somewhat below potential—that is to say, below what it is capable of producing over the long run without adding to inflation pressures. This slowing in economic activity has not been uniform. Some high-profile sectors such as the automotive, electronics, and telecommunications equipment industries have been affected the most.
And the prices for many non-energy commodities have been weak. It is this weakness that has had an important effect here in British Columbia. But to keep a sense of perspective, let us not forget that there is still considerable underlying strength in other areas of our economy.