Canada, the world’s second-largest country, is in the north part of the continent which has 10 provinces and 3 territories. The total area is 9.98 million square kilometers. Meanwhile, Canada has the longest land border shared with the United States in the world. There are 3 main types industries support Canada’s economy. The first one is service industry. It has thousands of different jobs like retail service, education, transportation and so on. The second one is manufacturing industry which includes food, paper, automobiles, etc. America, as the “neighbor” of Canada shares the longest border, is no doubt the largest partner for Canada in international trading. The last one is natural resource industry consisted of energy, fishing and agriculture. It plays an important element in the economy of Canada. Meanwhile, the natural resource takes large percentage in Canada’s export. The population grows rapidly in last decades in Canada. Canada's population went from 12.3 million to 32.6 million in last 60 years. Right now, Canada’s population continues to grow at an average annual rate 1%. Compare to the other industrialized world countries, Canada has the biggest immigration portion in the growth of population.
Canada adopts a market oriented economy system which is the same to the United States. However, different to other advanced countries, Canada remains natural resource industries as an important role to its economy. Another distinction is Canada’s economy is a net exporter of commodities. On the other hand, most advanced countries such as the Unites States are importers of commodities. The government of Canada is critical in the functioning of the economy. The federal government makes most of economic decisions in Canada. Works that federal government has include preparation for budget, most tax collections, Bank of Canada’s control and regulation of flow of money, etc.
The foreign exchange rate is almost 0.9 against US dollars, 0.7 against Euro, 0.5 against pound for Canadian dollar. In Canada, interest rate decisions are taken by the Bank of Canada's (BoC) Governing Council. The official interest rate is the Bank Rate. The interest rate keeps at approximation 1% from 2013 so far. Canadian dollars performed its stability recent years. It becomes one of the most stable currencies after the financial crisis with Australian dollars. As a result, The International Monetary Fund (IMF) considers Canadian dollars as the reserve currency. The Canadian dollar rises above 6% in last three years.
Canada has one of the largest economies in the world, currently ranked 11th, just behind Russian and India. The Canadian GDP is $1.825 trillion or $51,989 per capita. Annual GDP growth in Canada, 2.0%, is driven by strong performance in its manufacturing sector, while decreasing outputs, -7.5%, from the oil-sands limits overall growth. Looking at historical trends in GDP growth/loss show that Canadian GDP is closely linked to international events. After 2008...