But research has found that immigrants are an enormous benefit to Canadian prosperity and this part of our story needs to be told now more than ever. From Europe to the United States, countries are increasingly becoming inhospitable to immigrants, and the talk of walls and quotas exceeds that of showcasing their contribution to economic prosperity.
As a result, Canada has developed its own social and political institutions, distinct from most other countries in the world. The Canadian economic system generally combines elements of private enterprise and public enterprise.
Many aspects of public enterprise, most notably the development of an extensive social welfare system to redress social and economic inequities, were adopted after the end of World War Two in Today Canada closely resembles the U.
Many, if not most, towns in northern Canada, where agriculture is difficult, exist because of a nearby mine or source of timber.
Canada is a world leader in the production of many natural resources such as goldnickeluraniumdiamondsleadand in recent years, crude petroleumwhich, with the world's second-largest oil reserves, is taking an increasingly prominent position in natural resources extraction.
Several of Canada's largest companies are based in natural resource industries, such as EncanaCamecoGoldcorpand Barrick Gold.
The vast majority of these products are exported, mainly to the United States. There are also many secondary and service industries that are directly linked to primary ones.
For instance one of Canada's largest manufacturing industries is the pulp and paper sector, which is directly linked to the logging business.
The reliance on natural resources has several effects on the Canadian economy and Canadian society. While manufacturing and service industries are easy to standardize, natural resources vary greatly by region.
This ensures that differing economic structures developed in each region of Canada, contributing to Canada's strong regionalism. At the same time the vast majority of these resources are exported, integrating Canada closely into the international economy.
Howlett and Ramesh argue that the inherent instability of such industries also contributes to greater government intervention in the economy, to reduce the social impact of market changes. Despite many decades as a leading producer, there is little risk of depletion.
Large discoveries continue to be made, such as the massive nickel find at Voisey's Bay. Moreover, the far north remains largely undeveloped as producers await higher prices or new technologies as many operations in this region are not yet cost effective.
In recent decades Canadians have become less willing to accept the environmental destruction associated with exploiting natural resources.
High wages and Aboriginal land claims have also curbed expansion. Instead many Canadian companies have focused their exploration, exploitation and expansion activities overseas where prices are lower and governments more amenable. Canadian companies are increasingly playing important roles in Latin America, Southeast Asia, and Africa.
The depletion of renewable resources has raised concerns in recent years. After decades of escalating overutilization the cod fishery all but collapsed in the s, and the Pacific salmon industry also suffered greatly.
The logging industry, after many years of activism, has in recent years moved to a more sustainable model, or to other countries. Data[ edit ] The following table shows the main economic indicators in —The Canadian Shield, a hilly region of lakes and swamps, stretches across northern Canada and has some of the oldest rocks on Earth.
Canada's far north lies in the frozen grip of the Arctic, where ice, snow, and glaciers dominate the landscape. Canada's economic output as measured by gross domestic product was $ trillion in This was just one tenth that of its primary trading partner, the United States ($ trillion) and slightly less than its other NAFTA partner, Mexico ($ trillion).
Historically, an important issue in Canadian politics is the interplay between the oil and energy industry in Western Canada and the industrial heartland of Southern Ontario. Foreign investment in Western oil projects has fueled Canada 's rising dollar.
The Toronto-Vancouver train (the Canadian) crosses the Rocky Mountains, Prairies and northern Ontario, with stops in Winnipeg, Edmonton and Jasper. Go to main navigation Go to main content Mobile Navigation principale. BOOK Economy class; Top of the page.
The Canadian economy boomed during the war as its industries manufactured military materiel for Canada, Britain, China, and the Soviet Union. Despite another Conscription Crisis in Quebec in , Canada finished the war with a large army and strong economy.
This is important given the impact housing has on the overall Canadian economy whereas a robust housing market increases consumer confidence which is a significant component of the nation’s GDP. In particular, real estate is the largest component of household wealth .