The Future Of Canada's Economic System

Canada first became a country on July 1, 1867. Initially, the country was home to only four provinces including Ontario, Quebec, New Brunswick, and Nova Scotia. Canada is home to a parliamentary system within a constitutional monarchy. The ruler of Canada is Queen Elizabeth II but the Governor General, David Lloyd Johnson, takes care of most the federal royal duties in Canada.
The country of Canada now consists of ten provinces and three territories. It is the world’s second largest country in terms of total area taking up 9.98 million square miles. Located in northern North America, Canada has the Atlantic Ocean to its west and the Pacific Ocean to the east. The climate varies from temperate in the south to subarctic and arctic in the northern
Its freedom is largely a product of it judicial system. It has an outstanding record of independence and transparency. Since 2011, the Conservative Party led by Prime Minister Stephen Harper has governed Canada. During the next election, the House of Commons will accommodate 30 new seats to represent a growing population throughout the provinces. This growth is partly thanks to how economically sound Canada is. During the recession in 2009, the Canadian economy didn’t take a blow as severe as the US or parts of Europe. Over the years, the country has proven to be very stable business and investment-wise making it an appealing to entrepreneurs and investors alike. Canada also harbors the second-best property rights in the world. Having such high property rights encourages new businesses and investment, which boosts their economy. Canada has a population of 35.1 million people with a labor force of 19.21 million people. Of that population, 9.4 percent live below the poverty line. The unemployment rate sits at about 7.1 percent (high compared to the USA’s 5.5 percent) but despite that fact, their GDP grows at approximately 2.0 percent. Canada has an overall GDP of $1.5 Trillion, 92.6 percent of which is public debt. The GDP per capita of the country is $43,472 (USD). They use the Canadian dollar (CAD), which has an exchange rate to USD of $1.099. The
The main exports are crude petroleum ($80.5 billion), cars ($45.9 billion), refined petroleum ($18.6 billion), automobile parts ($10.7 billion), and petroleum gas ($12.6 billion). Canada’s top imports are automobile parts ($21.4 billion), delivery trucks ($13.1 billion), cars ($26.1 billion), refined petroleum ($17 billion), and crude petroleum ($24.3 billion). Canada exports most of it goods, $320 billion worth, to the United States, which is far and away of the $20.6 billion exports sent to China. It’s the same order of business for the import of Canada. It imports the most from the United States and in a distant 2nd is China. Canada has a positive trade balance as of the year 2013 but only just. They exported $438 billion worth of goods and imported a close $437 billion. That put Canada’s positive trade balance at 1.69 billion but in 2014, things changed. In 2014 Canada exported $465.1 billion worth of goods but imported $482.1