After a day of global economic turmoil, Conservative Leader Stephen Harper urged voters to entrust his party with the economy for another term.

Following repeated questions about the Mike Duffy trial, Harper steered the conversation towards the economy, telling an audience on Friday that "now is not the time" to take economic risks.

"We're seeing in the news again today, there really is renewed global economic instability," Harper said during a campaign stop in Campbell River, B.C. "It obviously presents significant risks for the Canadian economy."

North American markets plunged on Friday, with the Dow Jones falling a dramatic 530 points, and the TSX sinking into correction territory.

The sharp declines followed the release of new economic data, suggesting that China's economy is continuing to slow.

Meanwhile, oil prices also fell further Friday. The price of WTI crude oil dipped to below $40 a barrel, continuing an eight-week long slump in prices—the longest such drop since 1986.

The global uncertainty has pushed a number of emerging economies to lower their currencies, including China. Analysts say these moves have caused concern in Western markets, where investors worry that they will cause emerging economies to cut down on imports.

Citing the latest economic turbulence, Harper said Friday that the economy should be a leading priority for Canadians casting their ballots.

He touted his party's experience leading the country through the 2008 financial crisis, and criticized his opponents' economic policies.

"Now is not the time for what Mr. Mulcair's NDP, Mr. Trudeau's Liberals are proposing," he said. "This is simply a ridiculous strategy that this country should not embark on at this time."

"Our message to Canadians during the difficult time that we are focused on … is 'let us stay the course and make sure we have a strong and stable Conservative plan.' "

Along with national security, the economy has been one of the key planks in Harper's campaign strategy.

But other party leaders have been quick to criticize the Conservatives' economic record.

Both NDP Leader Thomas Mulcair and Liberal Leader Justin Trudeau say Harper's economic plan "is not working."

They have also both cited Statistics Canada data that shows the economy shrank for five consecutive months earlier this year.

If data from June shows a sixth-straight month of economic woes, then Canada will officially be considered in a recession.

With files from the Associated Press and the Canadian Press.