The Canadian Economy : An Overview And Response

One of the most pressing issues faced by Canada today is unemployment. In fact, reports confirm that the jobless rate continues to increase every year. As of February this year, the unemployment rate was at 7.0%. The presence of unemployment rate is evident in various provinces. In Quebec, the number of people working declined by 26,000 in February. Alternately, the number of employed in British Columbia fell by 10,000; while Saskatchewan nearly 6,000 individuals are unable to find jobs. The Conference Board of Canada projected that the country’s labour woes could reach to more than one million workers by 2020. In addition to this, experts predict that the unemployment rate in this country will surpass that of the United States. Along with the dismal figures and projections, the problem of unemployment consequently creates numerous negative consequences on the nation’s economy, its government, and of course its people. Some of the known effects of unemployment include reduced spending power, an increase in financial cost, recession, and even crimes and violence. Individually, long-term unemployment may result to depression, loss of self-respect, and strained relationships with family and friends – ultimately causing damage to the person’s overall well-being. The adverse effects of unemployment only show that this issue imposes a significant cost both on a national and individual level. As such, it is of primary importance to create an immediate plan of action to alleviate

After reading Dinner Party Economics, written by Eveline J. Admit and Richard G. Maranta, I find myself asking many questions. One of which is how Canada is doing with macroeconomics policy and the political debate. Today, March 2016, Canada is not doing its best job. With the current price of the Canadian Dollar, our economy is not in good shape. In the past year, the Canadian Dollar has taken a huge dive. With the rising costs of living, Canadians are finding it harder each year to afford basic needs for their families. Gas prices and fresh food at markets continue to rise to record levels. The unemployment rate in Canada also continues to rise. With less people working full time jobs, families are finding it very difficult to support a family

One of the big problems Canada has had recently is the recession. To reduce the effects of this catastrophe, we plan to give benefits to those most affected: the middle class. We will invest in jobs for those who lost theirs during the recession and provide benefits to

The 2015 Canadian election was one of great importance that showcased a changing of guard in the Canadian political context. Key issues in this election were; Bill c-21, multiculturalism, the refugee crisis, Marijuana legislation, war on terror and ISIS, and environmental policies. Although these are all pinnacle matters, one of the most pressing issue was economic policies. Economics policy is what is commonly seen as the commons man’s issues and what might win most people over in an election cycle. Justin Trudeau and Stephen harper were the campaigns largest attractions Harper representing the fiscal conservatives and Trudeau representing the big deficit spending policies of the Liberals, with largely different economic views that would

Canada’s economy has to face many issues. One of these being the rate of exchange. The canadian dollar has been going up and down constantly throughout many years. “The first paper money issued in Canada nominated in dollars were British Army notes, issued through 1813, The Bank of Canada was created in 1934 and given responsibility, through an Act of Parliament.” Much has happened to the dollar throughout the years; the economy always varied depending on the dollar worth because it has always played a major role on the economy. Pertaining to the issues of the exchange rate, I will discuss two main ways of it and how it plays a big role on the economy in present times.

The economy of Newfoundland is failing. We are all grown, responsible adults, and it’s time we acknowledged it. Since the 1960s, Newfoundland has dealt with economic hardship because of declining fish stocks and varying world demand for many of our products. Fishing, pulp and paper manufacturing, and iron ore mining remain major activities. Though they bring in some money, they generally do not provide sufficient jobs or income to relieve us of our widespread poverty and a high rate of unemployment.

The value of the Canadian dollar demonstrates how well the Canadian economy is doing compared to other countries. Likewise, in chapter three of Dinner Party Economics it is states that “money measures the standard of living” (19). The Canadian dollar either increases or decreases in value depending on the amount of goods and services purchased. Currently the Canadian dollar has dropped, which demonstrates how the Canadian government is doing a poor job improving the economy. The value of the Canadian dollar dropping causes inflation to occur, making too many Canadians save their money opposed to spending it. In chapter six it mentions that inflation is the real enemy of money (62). Therefore, in order to decrease inflation, spending money is essential. If Canadians do not spend their money, the increase of prices on goods and services will cause unemployment

From this graph, the Canadian economy has clearly experienced significant real growth since 2012. Even still, the quarterly growth of real GDP from 2013 to the present seems to be decreasing, from 1% in the first quarter of 2013 to just 0.2% in the most recent quarter. This indicates that, while the Canadian economy is recovering, there are

D.R. (2011, August 10). The Economist. Retrieved December 12, 2011, from Canadaès Economy: Still Safe and Sound?: http://www.economist.com/blogs/americasview/2011/08/canadas-economy

At present with more than 5% inflation rate, New Brunswick’s economy has been affected because the market price is unable to reflect the important information of the economy’s allocation of resources which is the overall pattern of production and consumption by firms and consumers. During times of inflation, market outcomes are not as efficient as they would be in the absence of inflation.

The government has an enormous influence on the economy of its nation. As of November 2015, Canada will be under the leadership of Justin Trudeau and his Liberal party. The article predicts how the newly elected government will influence the Canadian economy. The government affects the economy through the manipulating the value of its currency, government bonds, and annual spending. Factors such as interest rates and government debt would affect a nation’s currency and consequently, the economy. Government bonds help determine interest rates. Annual spending on government projects, such as infrastructure, would increase the GDP (Gross Domestic Product) of a country. GDP increases will boost the economy.

and long run effects each of the following events has on the Canadian economy. Be sure to identify the

Canada’s GDP per capita also fell by 3.7% within the same period. While both government expenditure and household consumption as a percentage of GDP increased (by 2% and 3% respectively), this potential positive was outweighed by a 6% decrease in foreign direct investments. The downturn in investment can mostly be attributed to a slowdown in the Canadian manufacturing sector, which is closely tied to the U.S. economy. Furthermore, imports fell from 32% to 30% of GDP and exports fell by a greater margin (from 34% to 28% of GDP), leading to an overall decrease in net exports. 75% of Canada’s exports go to the United States, specifically to major sectors of the U.S. economy including housing and business investment, both of which were badly affected by the

This results in Canada having to rely on the United States for trade as well. The relationship between Canada and the United States has been compared to an elephant and a mouse. The elephant being the US and the mouse being Canada, meaning that the majority of what the US does is in the interest of themselves, not Canada. Any large investments that receive location incentives will sell a large portion of their output to the United States because they are seen as the superpower (Thomas, 346). Instead of being a strong entity like the United States, Canada tends to lack the motivation needed to strengthen the economy and be a competing factor on the world stage. Canada is looking for ways to change its policies to keep manufacturing jobs in Canada rather then outsourcing them to place with high populations and low wages, like China and India (Whalley, 316). As we have previously talked about in class, businesses poaching tends to happen in Canada, the leading factor being the barriers that are put in between provinces. Kenneth. P. Thomas gives the example of Crown Life Insurance and the relocation of 1,200 jobs from Toronto to Regina in Saskatchewan. The Saskatchewan government guaranteed a $250 million dollar loan that Crown Life Insurance happily took (Thomas, 348). This shows that there is naturally competitiveness between provinces, accompanied

Canada’s prosperity and success can be attributed to many different events in history, in many different points in time. In this essay, I will be discussing how the Statute of Westminster, which was a British law that stated Canada’s new political powers (Hillmer, Norman. "Statute of Westminster." The Canadian Encyclopedia. Web. 27 Apr. 2015); the Bank of Canada, which solidified Canada’s economy during the Great Depression ("The Bank 's History." - Bank of Canada. Web. 27 Apr. 2015); and WWII, and how it changed Canada into a key part in the future. (C.P. Stacey. "Second World War (WWII)." The Canadian Encyclopedia. Web. 27 Apr. 2015); all contributed to the changing of Canada. During the period 1930 to 1945 Canada gave and developed as an independent country due to the Statute of Westminster giving us independence; the Bank of Canada, and how it stabilized our economy; and, our participation in WWII earning us more recognition and boosting our economy.