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The economy of Canada is a highly developed mixed economy, [33] [34] [35] the world's ninth-largest as of 2024, and a nominal GDP of approximately US$2.117 trillion. [6] Canada is one of the world's largest trading nations, with a highly globalized economy. [36]
In 2024, Canada's federal government spending reached unprecedented levels, with the Trudeau government's spending patterns marking significant records in the economic history of Canada. Between 2018 and 2024, the administration recorded the seven highest years of per-person spending in Canada's history.
The economies of Canada and the United States are similar because both are developed countries.While both countries feature in the top ten economies in the world in 2022, the U.S. is the largest economy in the world, with US$24.8 trillion, with Canada ranking ninth at US$2.2 trillion.
Likewise, Trump has long complained that the modest U.S. trade deficit with Canada (about $63 billion in goods and services) amounts to a “subsidy,” even though experts say it mostly exists ...
Canada’s economy has already showed vulnerability coming out of a period of inflation, causing the country’s central bank to cut interest rates much faster than the Federal Reserve. That gap ...
The economy expanded by 0.4% in August, missing estimates, and looked set to show no growth in September, when supply chain issues crimped auto exports and retail sales declined, Statistics Canada ...
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]
Freeland, who was then foreign minister, played a large role in helping renegotiate the pact and saving Canada's economy, which is heavily reliant on the United States.