Canada has the fastest growing and most competitive economy of
the G8 nations. In fact, Canada is currently enjoying one of the
longest periods of uninterrupted economic growth since WWII, thanks
to robust foreign trade, highly-skilled workers, quality
infrastructures, and
great market opportunities in the United States and abroad.
Furthermore, the Canadian economy has been growing steadily over
the last five years, producing consistently low unemployment rates
(approx. 6.5%), large government surpluses, a low inflation rate
(approx. 2.4%) and a rising Canadian dollar.
One of the wealthiest
nations in the world
As Canada is recognized as the most cost-competitive G7 nation
in which to do business, the Canadian economy is dominated by the
manufacturing and service sectors (retail, tourism, banking,
education). However, thanks to its abundance of natural resources,
Canada also has healthy industries in the primary sector (forestry,
oil, mining) and manufacturing (automobiles).
The future of the Canadian economy is already being secured
through the development of
a dazzling new knowledge-based economy based on Canada's
abundance of knowledge workers and technological capacity.
A top trading
partner
Canada is the United States' largest trading partner, largely
due to NAFTA, which eases Canadian access to more than 420 million
consumers across the United States and Mexico.
Additionally, with the creation of fast and efficient road,
rail, air and marine routes, most production sites in Quebec and
southwestern Ontario enjoy greater accessibility to large American
markets (New York, Boston, Chicago) than other American production
hubs.
Led by economic powerhouses like Toronto,
Montréal and Vancouver, Canada is
successfully leveraging their connection to the lucrative U.S.
market and the world.
Some interesting facts
about Canada's economy:
- The national inflation rate has averaged only 2.2% over the
past five years
- Canada is the only G8 nation to run surplus budgets in recent
years
- Canadians have seen seven consecutive federal budget surpluses
since 1997
- Canada has the lowest cost of living among G8 countries and the
highest quality of life
