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Analysis by Oxford Economics estimated that 25% tariffs implemented across all sectors and predicted retaliatory tariffs would cause Canada's GDP to fall by 2.5% by early 2026, increase its inflation rate to 7.2% by mid-2025, and increase its unemployment rate to 7.9% by the end of 2025 due to an estimated 150,000 layoffs. [32]
According to the IMF's 2018 annual Article IV Mission to Canada, compared to all the G7 countries, including the United States, Canada's "total government net debt-to-GDP ratio", is the lowest. [9] Canada has been the G7 leader in economic growth since 2016. [9] The unemployment rate in Canada is at its lowest level since c.1978. [9]
The COVID-19 pandemic had a deep impact on the Canadian economy, leading it into a recession. The government's social distancing rules had the effect of limiting economic activity in the country. Companies started mass layoffs of workers, and Canada's unemployment rate was 13.5 percent in May 2020, the highest it has been since 1976. [1]
October 2010 Canadian unemployment rate: 7.9% [23] November 2010 Canadian unemployment rate: 7.6% [ 26 ] The employment rate has been stabilized between 8.0% and 11.0% for the past two years; signifying the economic strength of Canada's financial institutions compared to its counterparts in the United States.
Economic Policy Institute; Current unemployment rates by country; OECD Unemployment statistics; Unemployment statistics by Lebanese-economy-forum, World Bank data; Labour and unemployment statistics by country; Thermal maps of the world's unemployment percentage rates – by country, 2007–2010
The general pattern of development for wealthy nations was a transition from a raw material production-based economy to a manufacturing-based economy and then to a service-based economy. At its World War II peak in 1944, Canada's manufacturing sector accounted for 29% of GDP, [ 109 ] declining to 10.37% in 2017. [ 102 ]
The list of Canadian provinces by unemployment rate are statistics that directly refer to the nation's seasonally adjusted unemployment rate. Below is a comparison of the seasonally adjusted unemployment rates by province/territory, sortable by name or unemployment rate. Data provided by Statistics Canada's Labour Force Survey. [1]
[11] [12] The Governing Council continued to predict ongoing increase on the interest rate due to global economics and inflation. [12] The IMF estimates that without Canada’s COVID-19 economic response, “real output would have declined by an additional 7.8 percentage points in 2020 and the unemployment rate would have been 3.2 percentage ...