the overall economic interests of the country. this will continue to be the objective of our exchange rate policy. ladies and gentlemen, dr. yilmaz akyuz ’ s lecture today would provide an international perspective on managing financial instability and shocks in a more globalised world and touches on some of the issues i have mentioned. although the regional financial crisis occurred more than six years ago, the issues it raises are not history. they are still very relevant and important. emerging economies need to continue to evolve approaches and solutions on how best to manage the vulnerabilities and to promote and preserve stability. in this endeavour, there is potential to not only consider what individual economies can do but also the opportunities for regional arrangements or regional solutions. as the region becomes increasingly more integrated in terms of trade and investment flows, the potential for this will be greater. the desired outcome is to achieve stability, which in turn, will contribute to the overall stability of the international monetary system and thus, enhance the prospects for shared global prosperity.

. recent data suggest that investment in the non - energy sectors has started off the year in positive territory. investment in it and digital technologies has been particularly strong in canada and around the world for several years now. digital economic activities, in fact, make up about the same share of nominal gdp in canada as mining, oil and gas combined. 6 and the third - largest digital economy in per capita terms is in alberta. digitalization isn ’ t just transforming services - oriented sectors ; it ’ s transforming resource and goods - producing sectors too. data - driven farming on the prairies is a good example, as farmers work to harness big data in ways that economize on fuel and improve yields. and the 5 for example, the new accelerated investment incentive that the federal government announced in its fall economic statement and programs introduced by the ontario provincial government. 6 for more detail, see statistics canada, “ measuring digital economic activities in canada, 2010 to 2017, ” the daily ( may 3, 2019 ). - 5energy industry is using automation, artificial intelligence and machine learning to cut costs and lower emissions. digitalization of business activity is encouraging investment across the country in areas such as computer equipment and software, as well as communication and audio and video equipment. growth in total investment may have lost some steam recently in canada and elsewhere, but it has continued to rise in many areas linked to technology and intellectual property. it ’ s possible that some types of investment are not showing up in the statistics because they are intangible in nature. of course, issues surrounding the measurement of intangible capital have been around for decades. for instance, computer software started to be included in investment in the 1990s. 7 even if they ’ re not showing up in official statistics, some types of investment are becoming more important to the global economy ; technology to streamline business processes, database development or moving servers to the cloud are just a few examples. when it comes to the energy sector, we expect the current adjustment to continue. between 2014 and 2016, energy investment dropped by 50 per cent. in april, based on discussions with companies, we estimated that investment in this sector would drop another 20 per cent before stabilizing. investment should average around $ 40 billion over the next two years — that ’ s still 15 per cent of total investment in canada. 8 as spending in oil and gas stabilizes, the growing investment in other sectors will show up in the headline numbers more clearly. i ’ d