The Canadian Economy - Assignment Example

THE CANADIAN ECONOMY and THE CANADIAN ECONOMY Over the last two years, Canada has successfully run her economy towards significant growth and development. The social, economic, and political factors that drive the Canadian economy purely capitalize on the interest of the people to contribute in economic development. In this respect, Canada has had improved social welfare, economic prosperity, healthier society, and self-sufficient community in the last couple of years. These achievements, however, have come at a cost to the country. Domestic investments by the government and overall expenditure by government agencies increased over the last two years. It is important to point out that Canada strategized on the way forward as far as the aforementioned achievements are concerned. In particular, Canada targeted economic transformation for better economic results, enhanced domestic and international partnerships, and effective resource management by the government through the central bank (Fitzpatrick, 2014). These strategies further sought the collaboration and involvement of the Canadian people as the sole beneficiaries of the government’s economic efforts. Successful running of the Canadian economy is evident through the effective and efficient balance between the outlined economic goals and strategies. With objectives and strategies at hand, the government moved to implement its operations in regards to enhancing Canada’s economic performance. The first move was directed towards government institutions that serve the Canadian society at different levels. In this move, the critical factor was Canada’s diverse society. The government mobilized resources through its agencies to reach out to the people and promote diversity, and inclusion. In essence, every member of the society was crucial in the recent Canadian economic transformation. Secondly, the government and all its agencies support the notion of cooperative relationships. Different players in the economy contribute to national economic progress, an aspect that led the government to reconsider its relationship with these parties. As a result, the government, through the central bank, set aside adequate resources that further develop a relationship of cooperation and collaboration. The outcome was more cohesive and consistent economic progress in many sectors of the Canadian economy. Most importantly, the last two years saw the Canadian government enhance its practice of treaty management for strong economic growth (OECD, 2014). In essence, treaty management encompasses agreements that are self-made by the government for both the government and all its operational agencies. In this respect, treaty management serves the purpose of making economic activities more effective, streamlining operations of economy departments, and protecting people’s welfare through timely program delivery. The table below sums up the above discussion quantitatively: Program ($ millions) Actual Spending 2010–2011* Actual Spending 2011–2012* Forecast Spending 2012–2013 Planned Spending 2013–2014 2014–2015 2015–2016 Governance and Institutions of Government 476.3 495.9 498.5 456.7 415.6 416.1 Co-operative Relationships 758.7 423.4 868.1 396.5 333.2 322.6 Treaty Management 626.2 735.7 714.5 713.6 702.0 678.0 Sub-Total (Rounded off) 1,861.2 1,655.0 2,081.1 1,566.8 1,450.8 1,416.7 Source: Thompson, 2014 To ensure that the public has had its say in the running of the economy, the Canadian government developed a people-driven strategic approach to economic growth and development. The success of this strategy over the last couple of years capitalized on a number of factors, namely: education, social development, individual affairs management, and schools resolution (Fitzpatrick, 2014). The table below outlines government’s commitment to this economic effort for years preceding and succeeding the last two years: Program ($ millions) Actual Spending 2010–2011* Actual Spending 2011–2012* Forecast Spending 2012–2013 Planned Spending 2013–2014 2014–2015 2015–2016 Education 1,628.3 1,675.0 1,754.6 1,761.1 1,789.9 1,783.4 Social Development 1,610.9 1,678.0 1,724.0 1,615.0 1,626.6 1,670.7 Managing Individual Affairs 40.6 43.3 36.0 28.8 28.2 28.2 Residential Schools Resolution 516.8 560.3 731.0 696.0 105.0 70.3 Sub-Total (Rounded off) 3,796.7 3,956.7 4,245.6 4,101.0 3,549.7 3,552.7 Source: Thompson, 2014 It is evident that in the last two years the Canadian government has been investing in many social, economic, and political projects that target the welfare of both the people and the different sectors of the economy. A number of notable programs mark the successful management of the Canadian economy. In light of the earlier mentioned economic goals and the strategies therein, the Canadian government prioritized the implementation of programs for the First Nation and services resulting from Inuit programs. Another key event that pinpoints success in Canada’s economy is the implementation of an economic action plan that addressed issues ranging from housing to infrastructure. On the same note, research activities increased significantly under the same action plan. Whereas there had been a stimulus funding under the country’s economic action plan, the resultant wind down in the last two years signify success over the objectives pinned on housing and infrastructure (OECD, 2014). In a bid to strengthen education and impact human resources positively, Canada moved to transform both legislation and construction of schools. This move would eventually have an indirect impact on the economy due to trickling down of ripple effects from one sector to another. Most importantly, the country had another key practice that not only transformed the economy, but also improved the overall quality of life of the people. The key practice was as simple as providing income assistance to the poor while offering training and incentives to those who have the potential to join the labour market. By encouraging the unemployed population to participate in the labour market, the Canadian government mobilized its human resources to promote economic progress. The figure below shows economy-wide activities by the government of Canada: Source: Thompson, 2013 In conclusion, Canada has had a positive progress towards economic growth and development over the last two years. Even though the country targeted many and different sectors in the economy, the statistics and figures presented in this paper show that the Canadian approach has been a success. Moreover, the close relationship between the public, government, and economic sectors and/or agencies has further enhanced the prospects of the Canadian economy. In this respect, the social, economic, and political factors that influence the growth and development of the Canadian society work to the best interest of the country’s short-term and long-term economic goals. References Fitzpatrick, T., 2014. International Handbook on Social Policy and the Environment, Cheltenham: Edward Elgar Publishing. OECD, 2014. Perspectives on Global Development 2014 Boosting Productivity to Meet the Middle-Income Challenge, London: OECD Publishing. Thompson, W. C., 2013. Canada 2013, Lanham: Rowman & Littlefield. Thompson, W. C., 2013. Canada 2014, Lanham: Rowman & Littlefield. Read More