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The economy of Canada is a highly developed mixed economy, [34] [35] [36] with the world's tenth-largest economy as of 2023, 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. [37]
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.
Canada has a highly developed mixed-market economy, [270] [271] with the world's ninth-largest economy as of 2023, and a nominal GDP of approximately US$2.221 trillion. [272] It is one of the world's largest trading nations , with a highly globalized economy. [ 273 ]
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 economies of Alberta, Saskatchewan, Newfoundland and Labrador and ...
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. 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 the ...
Canada is one of the largest agricultural producers and exporters in the world. As with other developed nations, the proportion of the population agriculture employed and agricultural GDP as a percentage of the national GDP fell dramatically over the 20th century, but it remains an important element of the Canadian economy.
The provincial GDP in 2021 was C$504,5 billion, [9] making Quebec the second largest economy in Canada after Ontario. The provincial debt-to-GDP ratio peaked at 50.7% in fiscal year 2012–2013, is now resting at 38.1 in 2022, [10] and is projected to decline to 34% in 2023–2024. [11]
COVID-19 pandemic -induced market instability and lockdown. Outcome. Sharp rise in unemployment. Stress on supply chains. Decrease in government income. Collapse of the Travel, Tourism & Hospitality industry. Reduced consumer activity. Part of a series on the.
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