3- The Economy of Canada:
(The industry and oil reserves in Canada: As a high-tech industrial community in the $ 1 trillion category, Canada resembles the United States in its market-oriented economic system, production pattern, and high standards of living. Since the Second World War, massive growth in the industrial, mining and services sectors has transformed the nation from a rural economy into a largely industrial and urban one. In addition, the country's oil sector is expanding rapidly, as oil sands in Alberta have significantly boosted Canada's proven oil reserves. Canada is the third largest oil reserves in the world behind Venezuela and Saudi Arabia, the world's fifth largest oil producer). (1)
(Trade between Canada and United States: The 1989 US-Canada Free Trade Agreement (FTA) and the North American Free Trade Agreement (NAFTA) 1994 (involving Mexico) touched on a significant increase in trade and economic integration with the United States, its main trading partner. Canada has a large trade surplus with the United States, which absorbs about three-quarters of Canadian merchandise exports each year. Canada is the largest foreign supplier of energy in the United States, including oil, gas and electric power, and is a major source of …show more content…
Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the early intervention by the Bank of Canada and the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-15, despite the recent drop in oil prices.) .
(The industry and oil reserves in Canada: As a high-tech industrial community in the $ 1 trillion category, Canada resembles the United States in its market-oriented economic system, production pattern, and high standards of living. Since the Second World War, massive growth in the industrial, mining and services sectors has transformed the nation from a rural economy into a largely industrial and urban one. In addition, the country's oil sector is expanding rapidly, as oil sands in Alberta have significantly boosted Canada's proven oil reserves. Canada is the third largest oil reserves in the world behind Venezuela and Saudi Arabia, the world's fifth largest oil producer). (1)
(Trade between Canada and United States: The 1989 US-Canada Free Trade Agreement (FTA) and the North American Free Trade Agreement (NAFTA) 1994 (involving Mexico) touched on a significant increase in trade and economic integration with the United States, its main trading partner. Canada has a large trade surplus with the United States, which absorbs about three-quarters of Canadian merchandise exports each year. Canada is the largest foreign supplier of energy in the United States, including oil, gas and electric power, and is a major source of …show more content…
Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the early intervention by the Bank of Canada and the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-15, despite the recent drop in oil prices.) .