Canada Economy

As an affluent, high-tech industrial society, Canada today closely resembles the United States in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. Energy self-sufficient, Canada has vast deposits of natural gas on the east coast and in the three western provinces, and a plethora of other natural resources. The 1989 Canada-US Free Trade Agreement (FTA) and 1994 North American Free Trade Agreement (NAFTA) (which included Mexico) touched off a dramatic increase in trade and economic integration with the US. As a result of the close cross-border relationship, the economic downturn in the United States in 2001 had an a negative impact on the Canadian economy, but less than expected. Real growth averaged nearly 3% from 1993 to 2000, but declined in 2001. As of 2003, unemployment was up, with contraction in the manufacturing and natural resource sectors. Yet, Canada has successfully avoided economic recession after 2001 and has maintained the best economic growth rates in the G7 group of nations. With its great natural resources, skilled labour force, and modern capital plant, Canada enjoys solid economic prospects.
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