Canada’s Economy
The economy of Canada is a highly developed mixed-market economy. It is the 8th-largest GDP by nominal and 15th-largest GDP by PPP in the world. As with other developed nations, the country’s economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the third-highest total estimated value of natural resources, valued at (US)$33.98 trillion in 2019. It has the world’s third-largest proven oil reserves and is the fourth-largest exporter of crude oil. It is also the fifth-largest exporter of natural gas.
According to the Corruption Perceptions Index, Canada is perceived as one of the least corrupt countries in the world, and is one of the world’s top ten trading nations, with a highly globalized economy. As of 2022, Canada is ranked 15th on The Heritage Foundation’s index of economic freedom. Its average household disposable income per capita is “well above” the OECD average. The Toronto Stock Exchange is the eighth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.
Canada’s economy has largely recovered from the COVID-19 crisis. Domestic demand is picking up following the easing of containment measures. Exports are expected to strengthen, demand for commodities buoying trade amid shocks to world growth. Limited trade ties to economies hard-hit by the war in Ukraine, and income from high resources prices, shield Canada from larger economic impacts. Real GDP is projected to grow by 3.8% in 2022 and 2.6% in 2023. Unemployment will remain low as output rises slightly above potential. Global supply tensions will keep price growth high this year, compounding underlying inflationary pressures.
Let our experienced team of consultants help you take a look at Canada as a place to visit, study, live, or invest. Contact us today at [email protected] or +1 (604) 719 8200 . We would be delighted to connect with you.
