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Canadian Economy - Essay Example

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The Canadian economy is one of the most diverse and free economies in the whole world and comparable only to the United States. In terms of size, it is the eighth largest globally as per the IMF rankings. In the year 2007, the Canadian economy had a growth rate of 2.7% with a GDP of $1.274 trillion…
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Canadian Economy

Download file to see previous pages... Besides the USA, the trade agreements saw an increase in Canadian trade among other countries such as Chile, Costa Rica, Israel, Mexico and other southern American states.(Beltrame) This had profound benefits for the country and the economy growth has been soaring since.
Besides those agreements that took place about a decade ago, the country has entered into a free trade agreement with the European Union which has further offered a boost to the already robust economy. The signing of this agreement took place in 2008.
The economy of Canada is supported by several sectors which must be looked at as having a better understanding of the economy and the effects of the economy. These include the service sector, the manufacturing sector, the energy sector and the agriculture sector.
This is the largest of the sectors in the Canadian economy, accounting for just about two thirds of the total GDP. The largest of the employers under this sector are the retail sector which employs about 14% of the total Canadian work force. Initially, the retail sector was composed of small retail outlets within the urban centers as well as in the suburbs. However, entry of big outlet stores such as the Future Shop and the Wal-Mart stores originally of the US has forced most of the small retail outlets to migrate to the suburbs where they still employ a considerable number of people.
Other employers in the service sector include the business services sector which employs about 12% of the Canadian population. The sectors falling under this are the real estate firms and the banks.
The other important sectors falling within the service sector are the education and health sectors. Though these are not part of the private sector, they continue to provide reasonable employment opportunities to the rest of the Canadian economy. The last of the service sector includes the hospitality cum tourism sectors which are equally important for the country. (Viera) Though with the recent recession, there has been a decline in the number of tourists visiting the country mainly due to the strong Canadian dollar. The highest numbers of tourists visiting Canada are from the US though the recent times have seen an increase in Asian tourists especially those from China.
Manufacturing sector
The manufacturing industry in Canada unlike in most other developed countries is not the core business, though this is not to mean it is unimportant. Most of the industries or manufacturing companies in Canada are affiliates of externally founded companies with an example being the motor industry. Most motor manufacturing industries have a manufacturing plant in Canada but none of them are indigenous. The reason for this has been cited to be the cheaper service charges in Canada e.g. lower health care insurance as compared to the United States. Besides this, Canada has a greater population of educated people making labor considerably lower as compared to the US. Canada presents one of the most interesting economies with a minimal reliance on industries the opposite of other developed countries around the world.
Canada was initially an agricultural nation especially in the 19th century; that is before the service industry gained considerable dominance in the 20th century. Even in current times, the country is a major exporter of wheat globally though most of it goes to the neighboring US. The Canadian government ...Download file to see next pagesRead More
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