Canada has a vibrant and rising economy. It has the tenth largest economy in the world, it is also one of the world's most prosperous nations, and is a member of the North American Free Trade Agreement (NAFTA) and Group of Eight (G8). Canada has one of the highest levels of economic freedom in the world. Canada places importance in the primary sector unlike most developed countries, with the logging and oil industries being two of the most important in Canada. Natural resources industries, such as forestry, oil and gas mining etc. are important sources of jobs and export earnings. Canada is also a front-runner in the fields of telecommunications, aerospace technologies, and pharmaceuticals in the world.
International trade makes up a large …show more content…
Canada received a C- grade on this indicator.
Balance of Payment: Canada's current account deficit, on seasonal basis, expanded by over 4 billion dollars in the fourth quarter to reach almost 14 billion. This change mainly reflected the decline of balance in the trade in goods. By 2014, the current account deficit reduced by $12.8 billion to reach $43.5 billion, in line with a strong goods balance
In the financial account, increased foreign currency deposits held in Canada by non-residents were the main supplier to the inflow of money into the economy. Most of the influxes of funds from abroad were the results of transactions in the other investment category (Statistics Canada, 1025)
To summarize Canada’s economic environment, Canada is presently undergoing solid economic growth. However, in order to maximize and uphold the potential of the country’s economy, it is crucial to continue economic expansion efforts in order to reduce the weakness associated with increased global competition and the country’s old-fashioned dependence on natural resource
International trade makes up a large …show more content…
Canada received a C- grade on this indicator.
Balance of Payment: Canada's current account deficit, on seasonal basis, expanded by over 4 billion dollars in the fourth quarter to reach almost 14 billion. This change mainly reflected the decline of balance in the trade in goods. By 2014, the current account deficit reduced by $12.8 billion to reach $43.5 billion, in line with a strong goods balance
In the financial account, increased foreign currency deposits held in Canada by non-residents were the main supplier to the inflow of money into the economy. Most of the influxes of funds from abroad were the results of transactions in the other investment category (Statistics Canada, 1025)
To summarize Canada’s economic environment, Canada is presently undergoing solid economic growth. However, in order to maximize and uphold the potential of the country’s economy, it is crucial to continue economic expansion efforts in order to reduce the weakness associated with increased global competition and the country’s old-fashioned dependence on natural resource