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The economy had prospered because of the war, and in Alberta, there was an economic boom due to the discovery of new oil fields in 1947. Spending on consumer goods increased during the post-war period while car ownership steadily rose, with two-thirds of households owning a car (and 10% owning two or more) by 1960.
The history of Canada during World War II begins with the German invasion of Poland on 1 September 1939. While the Canadian Armed Forces were eventually active in nearly every theatre of war , most combat was centred in Italy , [ 1 ] Northwestern Europe, [ 2 ] and the North Atlantic.
Canadian troops resting on board a destroyer after the Combined Operations daylight raid on Dieppe during World War II. The Canadian economy, like the economies of many other countries, improved in an unexpected way with the outbreak of the Second World War.
The economy of the rest of the country improved dramatically after 1896, and from that year until 1914, Canada had the world's fastest-growing economy. [26] The west was settled, the population grew quickly, so that by 1900, Prime Minister Wilfrid Laurier could predict that the twentieth century would be Canada's century as the nineteenth was ...
It took the outbreak of World War II to pull Canada out of the depression. From 1939, an increased demand in Europe for materials, and increased spending by the Canadian government created a strong boost for the economy. Unemployed men enlisted in the military. By 1939, Canada was in the first prosperity period in the business cycle in a decade ...
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 recession of 1958, also known as the Eisenhower Recession, was a sharp worldwide economic downturn in 1958. [1] The effect of the recession spread beyond the United States to Europe and Canada, causing many businesses to shut down. [2] Officially, recessionary circumstances lasted from the middle of 1957 to April 1958. [3]
After World War II years of close military and economic cooperation, President Harry S. Truman said in 1947 that "Canada and the United States have reached the point where we can no longer think of each other as 'foreign' countries." [190] President John F. Kennedy told Parliament in Ottawa in May 1961 that "Geography has made us neighbors ...