English-Language Markets Expanding

All of the key foreign markets for English language-printed products will grow more quickly in 2004 than they have in the past two years. For all NAFTA countries, GDP is expected to grow by 4.6% in 2004, up from a modest 2.2% in 2002 and 2.9% as seen last year.

Only the Irish and Japanese markets—both relatively small players—will weaken, but both should head back up by the end of the year.

The large Canadian market is at the highest risk of performing sluggishly this year. While job growth in Canada has been huge recently, GDP growth up north has been 1% to 2% weaker than in the U.S. To make matters worse, Canadian exports have begun to weaken because of the 20% appreciation of the Canadian dollar last year. Canadians will feel the pressure of these forces in the year ahead.

Much, but not all of Canada's economic woes may be offset by a general rise in exports in a stronger world economy and by the usual spike in the prices for commodities—very significant in Canada—that occurs during the rapid growth phase of the business expansion.

Mexico is expected to perform well, with GDP growth anticipated at 4% for 2004, up from 2% last year. Meanwhile, the higher GDP growth anticipated for Europe will not appear until mid-year.