The Canadian economy is a very
unusually successful one, with the CAD (Canadian dollar)
holding a value of 0.760 USD. Canada is a mixed, highly
developed economy and is ranked 10th largest in
terms of GDP (nominal). With a GDP of about
$1.733 trillion (nominal) in 2018, the country
witnessed 2% GDP growth. The per capita is around $47,658,
and most of the labor force (at least three-fourth) is
employed by the service industry. Why the Economy of Canada is So Interesting Canada holds the 4th position
when it comes to the value of its natural resources, which
is around US$33.2 trillion. Housing the third largest petroleum
reserves in the world, the country is the fourth largest exporter
of natural gas and petroleum. This makes the nation an energy
superpower, as the population is small and natural resources
are considerably abundant. The private sector of
Canada is also unusual in comparison with other
developed countries. Oil and logging industries are the
most important ones in the country. The aircraft and
automobile manufacturing industries are equally
sizable and important. In terms of seafood and commercial
fishing industry, Canada ranks 8th in the whole world, because it has
got the longest coastline on Earth. Imports and Exports Across Industries Canada is considered one of the highest
countries in the world in terms of economic freedom and has around 58
Forbes Global 2000-listed companies. Most of the Canadian economy
is made up by international trade, mostly of the abundant
natural resources it houses. As of 2009, forestry, mining,
energy, and agriculture accounted for around 58% of
total exports in Canada. The rest included
equipment, machinery, etc. All exports in 2009 account
for 30% of the country’s GDP. Canada’s largest trading partner, without
a doubt, is the United States, with Canada dealing 63% of all imports and 73%
of all imports together with the U.S. Most of the largest companies
in Canada deal in some form of natural resources,
most of which is exported. Secondary industries that are
born due to the primary ones are also responsible for
sustaining good economic health. The Canadian Economy’s
Reliance on Natural Resources Canada’s economy, as well as
society, are deeply affected by the country’s dependence
on natural resources. Though it is easy to standardize the
service and manufacturing industries, it is important to note that the natural
resources vary by region greatly. This means that different regions of
Canada have different economic structures. This not only helps Canada’s
regionalism but also improves international relations due
to a large amount of exports. Sustainability and questions
related to it are often posed when talking about
natural resource industries. Canada has spent
decades as the leading producer and yet depletion
seems nowhere near. Discoveries like the huge nickel find at
the Bay of Voisey are being made, and many operations in Canada are yet to be made
that will rake in more natural resources. The concern of the depletion
of these resources is great and not to
be taken lightly. The cod fishery in the 1990s had
collapsed due to overutilization, and the suffering was similar for
the Pacific salmon industry. Continued activism has caused
the logging industry to move to other countries or adopt
a more sustainable system. For years to come, Canada’s economy
is going to remain strong, though strong policies need to be made for the
conservation of natural resources.

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4 thoughts on “Inside Economy of Canada Crash Course”

  1. Apparently the writers of this have not updated their assessment of the economy since 2009. It’s doing terribly.

  2. There are less and less permanent jobs in Canada , lots of office jobs have been out source or they have hiring working visa instead of our canadian graduates

  3. My name is Ahmed Syrian nationality I am 20 years old I would like to immigrate to Canada in order to work to help my family and help myself.

  4. We have suffered the scourge of wars and all the world is worried its doors in front of us.

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