Example Of Globalization In Canada
Globalization has played a pivotal role in the growth and development of many countries’ economies across the globe. “Economic globalization includes flows of goods and services across borders, international capital flows, reduction in tariff and trade barriers, immigration, and the spread of technology”. (insert citation 2) improving economic growth is the main aim of policy makers in every country across the globe as it shows the success of the nation. (insert citation 2) Canadas trade relationship with China is a prime example of globalization has aided in the growth of both Canada’s and Chinas economy. In 2003 Canada’s imports from china rose nearly twice as fast and more than their usual average yearly increase from china since the 1990s
and in 2004 Canada’s imports from China rose much more than the majority of other trading countries. China is Canada’s second largest trading partner today. (insert citation 3) Due to the fact that net exports are increasing for both countries, the GDP (Gross Domestic Product) increases as well. When GDP increases the value of national expenditure and national output increases. An increase in GDP increases higher average incomes, lowers unemployment, lowers government borrowing, and improves public services. (insert citation 4) since Canada and China became trading partners, Canada’s economy has shown steady growth, growing at an average rate of 1.8% annually over the last decade. While Canada’s strong manufacturing base represents 12.8% of the real GDP, the share of services has risen steadily over the past decades. In 2011 the share of services has risen to 71.6% of real GDP. A distinctive feature of the Canadian economy lies in the importance of its primary sector, particularly in terms of its contribution to the country’s total exports and imports”. (insert citation 5) Canada is not the only country benefitting from this relationship. Since Canada and China became trading partners, China’s economy has been “remarkable”. China’s average annual growth rate increased 10.5% from 2001 to 2010 and this growth rate was only possible by the drastic increase of imports and exports which strengthens the manufacturing base and also rising per capita income levels. (insert citation 5) Without globalization many economies around the world including Canada and china would not be able to grow their economy as fast. Due to the fact that globalization has impacted both Canada’s (developed) and China’s (developing) economy in a positive way, globalization proves to benefit both developed and developing countries across the globe in a positive way.
and in 2004 Canada’s imports from China rose much more than the majority of other trading countries. China is Canada’s second largest trading partner today. (insert citation 3) Due to the fact that net exports are increasing for both countries, the GDP (Gross Domestic Product) increases as well. When GDP increases the value of national expenditure and national output increases. An increase in GDP increases higher average incomes, lowers unemployment, lowers government borrowing, and improves public services. (insert citation 4) since Canada and China became trading partners, Canada’s economy has shown steady growth, growing at an average rate of 1.8% annually over the last decade. While Canada’s strong manufacturing base represents 12.8% of the real GDP, the share of services has risen steadily over the past decades. In 2011 the share of services has risen to 71.6% of real GDP. A distinctive feature of the Canadian economy lies in the importance of its primary sector, particularly in terms of its contribution to the country’s total exports and imports”. (insert citation 5) Canada is not the only country benefitting from this relationship. Since Canada and China became trading partners, China’s economy has been “remarkable”. China’s average annual growth rate increased 10.5% from 2001 to 2010 and this growth rate was only possible by the drastic increase of imports and exports which strengthens the manufacturing base and also rising per capita income levels. (insert citation 5) Without globalization many economies around the world including Canada and china would not be able to grow their economy as fast. Due to the fact that globalization has impacted both Canada’s (developed) and China’s (developing) economy in a positive way, globalization proves to benefit both developed and developing countries across the globe in a positive way.