BIS Review 7/1998  -3-  Indeed, the implications of the Asian crisis for global economic growth and for primary commodity prices on world markets will probably have a more important impact on Canada than the reduction of our exports to Asia. The fallout from Asia will no doubt have a dampening effect on Canadian output growth for the current year.
But there are also other, more positive, developments that could well work to mitigate this effect. As I said before, economic performance in our major trading partners in the West, particularly the United States, has been somewhat stronger than anticipated.