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The Canadian Economy over the Past Two Years - Report Example

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The report "The Canadian Economy over the Past Two Years" states that Canada’s relative strength compared to other countries is the result of sound economic, fiscal and monetary policy by its leaders.  They have effectively pursued a low-interest rate, low-inflation rate policy, which were brought about by government budget surplus and tax cuts.  …
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The Canadian Economy over the Past Two Years
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Download file to see previous pages Prior to the recent financial crisis, which came to its most serious state in September 2008, the Canadian economy has been at the front of the OECD countries. For the past one and a half decades, the country experienced robustness in real GDP growth, strong employment gains, and the lowest level in unemployment rate within the past generation. Favourable effects in the terms of trade, combined with growth in real per capital output, have greatly improved the Canadian living standards. Higher commodity prices have brought rapid appreciation in the Canadian dollar to restore parity with the US dollar. This helped to discipline and stabilize wage and price setting, and to meet the officially targeted inflation rate. Price inflation in the domestic market have been held in control by the development of stronger production capacity (OECD, 2008).
Canada’s real GDP declined 0.8 percent in the fourth quarter of 2008, bringing real GDP for the year to 0.5 percent. This is sharply down from the previous year’s 2.7 percent growth. Each month in the quarter, GDP grew progressively weaker, recording it steepest decline since 1991. The slow down in GDP were due to declines in exports, capital investment, and personal expenditures. Final domestic demand fell by 1.2 percent, although government current and capital expenditure rose. Production likewise fell by 2.4%, with manufacturing declining by 4.3% for the quarter (for the last six consecutive quarters, manufacturing growth rate consistently contracted). Only agriculture sustained positive growth, but in light of the government subsidies dedicated to agriculture, this is not surprising. Growth in agriculture may be due mainly to the protectionist policies of the government here, and not due to strength in the open market. In short, agriculture’s strength is unstable and, if government gives up its support, agriculture may be seen to drop likewise as with the other sectors. ...Download file to see next pagesRead More
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