Essay On Private Sector

Decent Essays
Competing with its neighbor to the south, Canada has become a strong contender in the global market, making the country one of the most sought after places to live. It is one of the fastest growing developed countries in the world. With major emphasis on lenient immigration and foreign direct investment, Canada’s private-sector and public infrastructure has grown tremendously over the past few decades. One interesting aspect of Canada’s private sector is its special terrain that offers abundant oil and natural gas. According to the Central Intelligence Agency (CIA, 2017), Canada now ranks as third in the world in proved oil reserves and the majority of the crude oil production comes from oil sands in the western provinces.…show more content…
Currently, Canada is on course to add 400,000 jobs this year, which if attained, would be the first time at least 400,000 jobs were created in one year since 1979, according to Derek Holt, the Vice President of Capital Markets Economics at Scotiabank (Sevunts, 2017).
Despite this phenomenal growth in jobs creation and employment, wages have remained primarily stagnant. Holt weighs in with a sobering message, “Strip away low inflation, and the average Canadian’s pay cheque is still falling somewhat” (Sevunts, 2017).
Interestingly, household consumption has not significantly declined as a result of low wage growth. At the end of 2016, senior economist with TD Economics Brian DePratto noted, “Canadians opened their wallets both at stores and construction offices, delivering a solid fourth-quarter economic performance” (CBC News, 2017).
The unemployment data suggests Canada’s economy is thriving and indicates the possibility of further growth is on the horizon. Derek Holt, however, advises a more cautious outlook given recent uncertainties in the U.S.’s political sphere. As Canada and the U.S. are closely connected not just geographically but also in trade, changes in U.S. government policies may significantly affect Canada’s economic situation.
In a March 2017 interview, Holt says, “One reason for greater caution is that U.S. and global trade policy uncertainty persists, and the Trudeau-Trump meeting did not eradicate it in the face of potentially material ‘tweaks’
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