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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 2021, Canadian trade in goods and services reached $2.016 trillion. [37]
The Wilson Center claimed that Canada's productivity challenges were exacerbated by various structural factors which included geographic and climate-related challenges due to the country's vast size and harsh climate conditions affecting transportation and infrastructure, widespread provincial regulations creating interprovincial trade barriers ...
The United States has the largest economy globally and Canada ranks 9th at US$2.015 trillion. [5] The US share of the global market economy estimated at US$79.98 trillion, was c. 25% in 2018, which is down from 35% in 2005. [6] China's global e-commerce market share has grown rapidly from less than 1% in c. 1998 to 42% in 2018.
While Canada's ten provinces and three territories exhibit high per capita GDPs, there is wide variation among them. Ontario , the country's most populous province, is a major manufacturing and trade hub with extensive linkages to the northeastern and midwestern United States .
The economy of North America comprises more than 596 million people (8% of the world population) in its 24 sovereign states and 15 dependent territories. [1] [2] It is marked by a sharp division between the predominantly English speaking countries of Canada and the United States, which are among the wealthiest and most developed nations in the world, and countries of Central America and the ...
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]
Economic restructuring is used to indicate changes in the constituent parts of an economy in a very general sense. [1] In the western world, it is usually used to refer to the phenomenon of urban areas shifting from a manufacturing to a service sector economic base.
The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report published by the United States Federal Reserve Board eight times a year. [1] The report is published in advance of meetings of the Federal Open Market Committee . [ 2 ]