CNN Money Canada’s economy is a disaster Канада

Экономика и торговля Канады (топик)

The Economy and Trade of Canada

The Canadian economy is among the worlds soundest. Canada is the seventh-largest trading nation among the industrialised market economies and an active partner in international investment.

Canada is a trading nation. About 26 per cent of the country’s total output of goods and services (GDP) is exported — mostly to the United States, which is by far the country’s biggest market, and supplying 66 per cent of its imports. In fact, Canada and the United States are each others most important trading partners.

Evolution of the Canadian Economy

Although Canada is known worldwide as a rich source of raw materials and primary products such as wheat, oil, lumber and minerals, in recent years the structure of the Canadian economy has changed. Over the past quarter-century, resource exports have become a less important part of Canada’s trade mix, representing just over one-fifth of Canadian exports now. Fewer than 13 per cent of Canadian workers are now employed in primary industries. A similar trend has been occurring in manufacturing.

The services sector (community, business and personal) is now paramount, employing over 70 per cent of the Canadian work force. The growing role of knowledge-based activity is forcing re-examination of educational priorities and retraining programmes.

Since the beginning of the 1980s, Canada has had the fastest-growing labour force of any of the G-7 (Group of Seven Finance Ministers) countries .

Employment has expanded rapidly since the beginning of the decade, but increasing numbers of jobs are part-time.

Экономика и торговля Канады

Канадская экономика — в числе самых здоровых в мире. Канада — седьмая по величине страна-участница внешней торговли среди индустриализированных рыночных экономик и активный партнер в международных инвестициях.

Канада — страна-участница внешней торговли. Приблизительно 26 процентов общего объема производства страны среди товаров и услуг (валовой внутренний продукт) экспортируется — главным образом, в Соединенные Штаты, которые являются, безусловно, самым большим рынком страны и поставщиком 66 процентов ее импорта. Фактически, Канада и Соединенные Штаты — самые важные торговые партнеры друг для друга.

Развитие канадской экономики

Хотя Канада известна во всем мире как богатый источник сырья и первичных продуктов, таких как пшеница, нефть, древесина и полезные ископаемые, в последние годы структура канадской экономики изменилась. За прошлую четверть века экспорт ресурсов стал менее важной частью торговых поставок Канады, представляя теперь только более одной пятой канадского экспорта. Меньше, чем 13 процентов канадских рабочих теперь наняты в первичных отраслях промышленности. Подобную тенденцию можно обнаружить в производстве.

Сектор услуг (общественных, деловых и индивидуальных) является теперь главным, и он нанимает более 70 процентов канадской рабочей силы. Растущая роль деятельности, основанной на знаниях, вызывает повторную проверку образовательных приоритетов и подготовку программ.

С начала 1980-х в Канаде была более быстро растущая рабочая сила, чем в любой из стран Большой семерки (группа Семи Министров финансов).

С началом десятилетия быстро возросла занятость, но увеличившееся количество рабочих мест приходится на работу с частичной занятостью.

The Economic Activity of Canada

While exportation only represents about one-third of Canada’s overall economic output, the stability of the country’s financial markets have prevented exports from crumbling (even during the great global recession that began in 2008), thus supporting a steady level of consumer domestic spending

In the following article we will examine the economy of Canada in some detail, beginning with a section on the nation’s extensive economic history. We will follow that with a discussion of Canada’s economy in present day society, highlighting the strengths and weaknesses of said economy as seen by some of the world’s foremost economic experts.

Canada’s Economic History

Colonial Canada

Although now a distant memory, the large region now known as Canada was once a colonial possession, first of France, and them of Great Britain. During French rule, in the early 18 century, the colonists were mainly concerned with Canada’s booming fur trade, especially in the country’s most northern territories. Hunting was considered big business, not so much for meat, but for the variety and quality of furs it produced, from beavers to bears, all bringing a heavy price on the open market.

When Britain defeated the French in the 1759 “Battle of the Plains of Abraham” conflict, the economic interest in Canada shifted from furs to the country’s vast array of prized natural resources. During British colonial rule, the people in the newly established colonies in Canada worked tirelessly to cull, and supply Britain with various raw materials. In turn, the British transformed these raw materials into a wide array of manufactured goods, which they then sold back to the colonies at a hefty profit. By the onset of the 1800s, the subduing and relocation of the Plains Indians, as well as the modern settlement of the prairie, enabled the British to develop a massive agricultural export industry in the West, focusing particularly on wheat and other grains.

The Birth of Manufacturing in Canada

When Canada—as a nation—officially came into being in 1867, the pace of settlement began to increase exponentially, as did the development of the country’s manufacturing industries. When Britain and other Western powers became involved in the “Big One”—World War I—in the early 1900s, the situation brought a high demand for manufactured goods from Canada, especially armaments. This unfortunate event in World History marked the commencement of the booming Canadian arms industry—an industry that even to this day continues to thrive.

It was also during this period in history that the manufacturing of automobiles became an important component of the Canadian economy. Canadian automobile and truck manufacturers partnered with their United States counterparts and, later, the Japanese manufacturers to create a booming industry. Ontario, Canada became the hotbed for Canadian automobile manufacturing, as well as for several other industries, making products that were highly prized and desired around the globe.

The Canada-U.S. Free Trade Agreement (1989) and the North American Free Trade Agreement (NAFTA) (1994)

In 1989, “free trade” came to Canada, although not without its fair share of controversy. The Canada-U.S. Free Trade Agreement, which ultimately expanded into the much publicized NAFTA agreement, essentially removed the government’s ability to systematically regulate the market. Among other aspects, these two significant agreements put a stop to the practice of levying expensive protective tariffs (taxes) on imported merchandise, thereby making consumer-based goods from the United States (and Mexico) much more affordable—in some cases—than goods manufactured within the country of Canada.

The Canada-U.S. Free Trade Agreement and NAFTA also eliminated the government’s ability to subsidize goods from Canada in the event those goods were to enter other markets. Lastly, the two agreements helped to greatly diminish the government’s ability to regulate its natural resources—if doing so would substantially interfere with a given corporation’s profits.

Canada: The Economy Today

The Economic Impact of Oil and Gas (the Energy Sector) on the Canadian Economy

Oil Rig in Canada Canada is one of the few exporters on the globe dealing directly with energy sources. The country possesses some of the world’s largest oil and gas industries on the planet, products that are mined using a variety of techniques. For example, the Athabasca Oil Sands in Alberta, Canada are the world’s second-largest oil reserves outside of Saudi Arabia, although their development and mining has been a highly controversial subject due to the huge, and quite destructive environmental impact that comes with extracting oil from them.

British Colombia is also a major player in Canada’s energy sector. This region, in Canada’s southwest, has developed a very profitable off-shore oil industry, as has Newfoundland, a region that has helped rebound the nation’s economy after the collapse of the fisheries in the latter part of the 20 century. Saskatchewan and the Northwest Territories have also had a hand in the production of oil and gas, while Quebec is renowned for its hydro-power exportation.

Agricultural Products and the Canadian Economy

As it has for more than a century, Canada continues to be one of the world’s premier exporters of agricultural products. As we mentioned, the largest agricultural markets in the country center on the production of wheat and other grains. The prairie lands of Canada, especially Saskatchewan, serve as the hub for the wheat industry. With a few exceptions, small farms in these areas have now been replaced with large agribusiness centers employing thousands of Canadian workers.

Mining and the Canadian Economy

The second largest country in the world by total area, Canada is literally a giant in the world’s mining industry. Few people know (including most Canadians) that about 75 percent of all mining companies in the world are Canadian. Some of the most well-known—and most profitable—mining companies either doing business in Canada or based in Canada, include Teck Cominco, Barrick Gold, Agrium, Suncor, Goldcorp, PotashCorp, Cameco and Lundin Mining. Despite the capital these companies bring into the Canadian economy, many of them have recently come under fire from human rights groups in the country, such as Mining Watch, for their impact on community health and the environment, both in Canada and in foreign countries.

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The Manufacturing Industries in Canada

Although manufacturing was once one of the strongest sectors in the Canadian economy, this is no longer the case. As a result of Canada’s Free Trade and NAFTA agreements, as well as a rising Canadian dollar, manufacturing has been in decline in Canada for the past 30 years, hitting the Ontario region of the country particularly hard. Many manufacturers have been bought out by United States corporations or transferred jobs abroad, mainly to Asia where labor is cheaper. Garment manufacturing, for example, now takes places almost entirely overseas, and the automobile sector has also shrunk considerably

There are a few manufacturers that have continued to do well in Canada, despite the developments of the past three decades. Large manufacturing companies such as Bombadier, a Quebec-based manufacturer of transportation equipment, and Magna International, which manufactures car parts, have continued to thrive in Canada’s topsy-turvy manufacturing sector.

Canada remains as one the world’s giants in the research and manufacturing of weapons and arms supporting industries. The majority of research and manufacturing facilities are centered in the Ottawa region of Canada, where the National Research Council (NRC) was first established during World War I. The NRC conducts research for weapons development and weapon systems. The largest manufacturer of arms in Canada, and one of the top 100 manufacturers in the world, is Canadian Aviation Electronics Ltd. Other armament and weapons supporting companies include General Dynamics Canada, SNC Lavalin, and Canadian subsidiaries of U.S. companies, including General Motors Defense and Raytheon.

Banking and the Canadian Economy

For many years now, the most successful Canadian businesses by leaps and bounds have been the banks, which enjoy a virtual monopoly in Canada. The “Big Five,” banks, as they are known in Canada, consist of the Royal Bank of Canada (RBC), Toronto Dominion Bank (TD-Canada Trust), Bank of Nova Scotia (ScotiaBank), Bank of Montreal (BMO), and the Canadian Imperial Bank of Canada (CIBC).

During the world financial crisis of 2008-2009, Canadian banks fared best among their other G8-nation counterparts. Some attribute this to the fact that they were more strictly regulated by the Canadian government and thus prohibited from taking on the sorts of risky investments that spelled absolute doom for many of the large financial institutions in the United States.

Canada’s Service Sector

According to economists, the service sector in Canada is directly responsible for providing about 75 percent of all Canadian jobs, though the large portion of these jobs are in the retail sector and considered low-wage by Canadian standards. The second-largest category of service jobs in Canada are in the business sector. This sector includes services such as real estate, communications and financial sector services. Educators and health care workers make up the third-largest segment of service jobs in Canada, while high-tech workers in fields such as telecommunications, engineering and IT comprise the fourth-largest sector of service workers.

The Canadian Dollar in the Canadian Economy

Canadian farm Due to the 1994 passage of NAFTA, and the withdrawal of governments from actively managing the economy, the Canadian economy has become much more dependent on foreign investment (United States corporations, etc.) to create jobs. Consequently, it has been in the best interests of Canada and its fiscal policy to keep the value of the Canadian dollar low in order to attract businesses looking for cheaper labor costs.

As an example of this, during the 1990s, when the Canadian dollar (the “loonie”) tended to hover just above 60 cents to the United States dollar, the Canadian film industry benefited tremendously, as big Hollywood studios found it much more affordable to move their productions north of the border into Canada. When the Canadian dollar rose again in value during the 2000s, at one point even reaching parity with the United States dollar, many Canadian film workers found that the prospect of attaining work was spotty at best.

Most economists in Canada now put the optimal value of the Canadian dollar at around 80 cents—low enough to attract investment, but high enough to significantly diminish purchasing power abroad.

Canadian Economy: Key Stats and Figures

As of the last census, Canada had a permanent population of approximately 34.4 million. The Gross Domestic Product for the nation, as measured by purchasing power parity, is 1.4 trillion, representing 2.5 percent growth since 2012, the largest jump since the onset of the global recession in 2008. When broken down according to the population, the GDP per capita is $40, 541.

Canada has an overall unemployment rate of 7.4 percent, just slightly lower than its neighbor to the south. Inflation currently sits at about 2.9 percent, and the FDI inflow is $40.9 billion.

The economic freedom score in Canada is 79.4, making its economy the 6 freest in the 2013 Index. Its overall score of 0.5 points is lower than last year, reflecting declines in freedom from corruption and business freedom that are only partially offset by a noteworthy improvement in the management of public spending. Canada continues to boast the freest economy in the North American region.

X. Read the text and mark the main aspects of the еconomy of Canada.

The Economy of Canada

Measured in terms of gross national product, Canada’s economy is one of the most diversified in the world. Canada grows, develops, mines, processes, designs, manufactures or fabricates everything from communication satellites to disease-resistant wheat, from advanced aircraft to strategic ores and metals, from nuclear stations to newsprint.

Of all sectors in the economy, manufacturing is the largest contributor to the country’s annual output. As in the other highly advanced countries, however, there has been
a shift in Canada from predominantly goods-producing economy to a predominantly service-producing economy.

The service sector has grown rapidly owing to substantial increases in income and leisure time. Total receipts from the service trades are well over $ 15 billion a year.

The four main classes of Canadian exports by dollar value are motor vehicles and parts, machinery and equipment, fabricated metals and other fabricated materials. Another major export is electronics and manufacturing work in many parts of the world.

Agriculture is a scientific industry in Canada. Many scientists are employed in agricultural research. Without Canada research in plant breeding, crop and animal production etc. would not be able to export between $4 and $5 billion of wheat, animal and edible products every year.

XI. Составьте вопросительные предложения из данного набора слов. Запишите цифры, которыми обозначены слова, в правильном порядке:

1. agriculture 2. a scientific industry 3. in 4. Canada 5. Is

1. lived 2. there 3. how long 4. you 5. have

1. they 2. have done 3. the work 4. by 5 p.m. tomorrow 5. will

XII. Выбрав правильную форму вспомогательного глагола, дополните сказуемое в предложениях (впишите номер выбранного глагола):

The service sector grown rapidly owing to substantial increases in income and leisure time. They finished their experiment by 5 p.m. We reached the station when it began to rain. The towns changed very much since the industrial revolution. he spoken to the dean? He writing a letter when I came in. She an economist. She graduated from the Institute of Economics this year. 1. will have 2. have 3. was 4. is 5. had 6. has

XIII. Выберите русские слова, соответствующие данным английским (выпишите номера выбранных русских слов):

1. advanced 2. annual 3. design 4. develop 5. fabricate 6. substantial 7. goods 8. manufacture 9. receipts 10. research 1. планировать, конструировать 2. производить 3. товар(ы); 4. производить, фабриковать 5. доходы 6. исследование 7. развивать(ся) 8. передовой 9. годовой 10. существенный

Grammar: The Indefinite (or Simple) Tenses in the Passive Voice.

Word Building: Suffixes -er, -or, -ment, -tion, -ist, -al, -able.

Text A:To Manage is to Foresee.

Text B: From Ancient Times.

The Passive Voice /Страдательный залог/

В английском языке, как и в русском, различают формы глагола действительного или страдательного залога; формы глагола страдательного залога выражают действие, совершенное подлежащим и направленное на него, в то время как форма действительного залога показывает действие, производимое самим подлежащим.


Действительный залог /Active Voice/ Страдательный залог /Passive Voice/
He asked them at the lesson. (он спросил их на уроке) They were asked (by him) at the lesson. (их спросили на уроке)

Страдательный залог образуется из вспомогательного глагола «to be» в соответствующем времени, лице, числе и формы Past Participle (Participle II) смыслового глагола (см. Таблицу 1).

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The Indefinite Tenses in the Passive Voice

Affirmative Interrogative Negative
Iam asked. Heis asked. She


Youare asked.


Am I asked?

Is he



Are you asked?


I am not asked.


Sheis not asked.


Youare not

They asked.

Продолжение таблицы 1

I Hewas asked. She We Youwere asked. They I Was he asked? she we Were youasked? they I Hewas not asked. She We Youwere not asked. They
I shall be asked. Hewill be She asked. We shall be asked. You will be They asked. Shall Ibe asked? Will he Shebe asked? Shall we be asked? Will you theybe asked? I shall not be asked. Hewill not be She asked. Weshall not be asked. You will not be Theyasked.

I. Grammar Exercises

I. Make up sentences using the following words:

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Canada is an independent federative state. It is one of the most developed countries.
Canada consists of ten provinces and two territories.
It is situated on the North American continent. In size Canada is the second in the world after Russia. Its area is almost 10 million km2.
The capital of Canada is Ottawa, which is situated on the bank of the Ottawa River. It is famous for its beautiful parks. It is also known as the city of bridges.
Canada is very rich in forest, minerals and fur-bearing animals. It holds the first place in the world in the amount of forests. It is rich in the following natural resources: non-ferrous metals, uranium, oil, natural gas, coal.
Canadian industries produce cars, airliners, locomotives, sea vessels, snow-removal machines, and agricultural equipment. The most developed industries are timber, mining, chemical, meat and milk and food industries. Canada grows wheat, barley, flax, potatoes, vegetables and fruit. Fishing is also one of the prosperous industries.
Official languages of Canada are English and French. Nearly 60 percent of the population speak English and 27 percent speak French. The rest speaks other languages, such as Eskimo, Indian, German, Ukrainian and Italian.
Canada is a founding member of the United Nations. It has been active in a number of major UN agencies.

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Канада является независимым федеративным государством. Это одна из самых развитых стран.
Канада состоит из десяти провинций и двух территорий.
Он расположен на североамериканском континенте. По размеру Канада занимает второе место в мире после России. Его площадь составляет почти 10 миллионов км2.
Столицей Канады является Оттава, которая расположена на берегу реки Оттава. Он славится своими прекрасными парками. Он также известен как город мостов.
Канада очень богата лесами, минералами и пушными животными. Он занимает первое место в мире по количеству лесов. Он богат следующими природными ресурсами: цветными металлами, ураном, нефтью, природным газом, углем.
Канадская промышленность производит автомобили, авиалайнеры, локомотивы, морские суда, машины для снегоуборочной техники и сельскохозяйственную технику. Наиболее развитыми отраслями являются лесозаготовительная, химическая, мясная и молочная и пищевая отрасли. В Канаде выращивают пшеницу, ячмень, лен, картофель, овощи и фрукты. Рыбалка также является одной из процветающих отраслей.
Официальными языками Канады являются английский и французский. Почти 60 процентов населения говорят по-английски, а 27 процентов говорят по-французски. Остальные говорят на других языках, таких как эскимосский, индийский, немецкий, украинский и итальянский.
Канада является одним из основателей Организации Объединенных Наций. Он активно работает в ряде крупных учреждений ООН.

Kevin O’Leary: Canada Is a ‘Disaster’ and What to Do About It

Kevin O’Leary, star of Shark Tank, is not mincing words when it comes to Canadian politics. Speaking on the current government, he said that Canada’s future hinges on drastic changes that need happen in parliament.

«The country is a disaster,» O’Leary, chairman of O’Shares ETFs said, noting that the Canadian government has failed to attract investment capital and stimulate the economy.

Canadians must make a change in the government now, O’Leary said, or the country’s future will be dire.

«It is so bad that if we got another four years of this, I think you can take Canada down to probably zero growth rate,» he said.

The issue lies with incompetence in government, he noted.

«I’d like to get rid of the anti-business tonality to our country and replace it with people that want to create jobs in Canada, that want to attract capital,» O’Leary said. «So my bet is, the most likely scenario is a 50/50, in other words, Trudeau loses his majority mandate.»

O’Leary said that current Prime Minister Justin Trudeau is a «young man who had no managerial history.»

«I’ll let you, as the voter, decide what the best alternative is but I’m telling you right now, anything’s better than what we’ve got,» he said.

In the World Economy, the Ditch Is Never Far Away

WHEN you see a car being driven firmly within its lane and well under the speed limit, there’s nothing to worry about.

If you’re David A. Rosenberg, the glass-half-empty economist, there most certainly is. He says the world economy is like that car. And where others see stability and recovery, he sees “a car being driven by a drunk, lurching from side to side on the road, narrowly avoiding the ditches each time.”

At this particular moment, he says, the car happens to be in the middle of the road. But he can’t help but ask, “Is that because the driver has sobered up, or is it because the car is just passing through the middle on its way to the ditch on the other side?”

Mr. Rosenberg isn’t certain of the answer. But despite the cheer pervading the stock market and the relatively upbeat perspective of most economists, he says he isn’t convinced that the car will remain safely out of those ditches.

Formerly the chief North American economist at Merrill Lynch, and now proudly back in his native Canada as chief economist and strategist at Gluskin Sheff in Toronto, Mr. Rosenberg writes a market newsletter that is always provocative, often cantankerous and frequently out of step with the Wall Street consensus. He has been called a “permabear,” a label that he says is exaggerated but not entirely without merit.

“I’d say I’m as pragmatic as possible and not locked into one position,” he says, “but I do understand that I have a much better record forecasting rain than in predicting the return of sunshine.”

His record bears that out. Mr. Rosenberg correctly called the start of the last two recessions. But he was late in recognizing the strength of what has become a long bull market. In May 2009, when the stock market was in an early stage of its climb, his worries about the economy made him resolutely bearish on stocks. “I’d lock in my gains right now,” he told me then.

But his clients have generally done very well if they’ve followed his cautious advice, which called for buying fixed-income securities early in the bond market’s long boom. His mantra is “safety and income at a reasonable price.”

For a gimlet-eyed perspective on the current stock market joy, I called him last week and asked him what, exactly, has been propelling shares higher.

His answer, in two words, was “the Fed” — the Federal Reserve and its monthly $85 billion purchases of bonds and mortgage-backed securities, which are being piled on top of a balance sheet that swelled to a gargantuan $3 trillion last week.

Other analysts have pointed to a recent surge in stock mutual fund purchases by individuals, as opposed to the big institutional investors like pension funds, endowments and other money managers. The earnings season has been reasonably strong, and, at least in recent weeks, there has been no outright global economic disaster emanating from Washington, the euro zone, Tokyo or the oil fields of the Middle East.

These factors are all relevant, he allows, but they pale next to the direct and powerful relationship between the growth of the Fed’s balance sheet and the stock market.

The Fed’s control of short-term interest rates has always had a major impact on the markets, and the adage “Don’t fight the Fed” is a bit of Wall Street wisdom that has stood up for decades. But since the Fed lowered its benchmark Fed funds rate to near zero in December 2008, short-term rates have ceased to be a meaningful indicator because they cannot be lowered any further.

Instead, to provide further monetary stimulus to the economy, the Fed has embarked on a series of quantitative-easing measures — direct purchases of financial assets.

Mr. Rosenberg says his calculations show that there is now an 85 percent correlation between the growth of that Fed balance sheet and the Standard & Poor’s 500-stock index. If that relationship continues — and he’s not certain that it will — the market could keep rallying, though he says he believes it’s due for a correction. On Wednesday, the Fed reiterated its pledge to keep interest rates low and to keep making asset purchases for what effectively will be many months to come.

The Fed’s expansionary policies are contingent on weakness in the labor market and the overall economy. Well, the unemployment rate in January rose to 7.9 percent, the Labor Department announced on Friday. And the Fed says that as long as inflation is below 2.5 percent — and it is well below that level now — and unemployment is above 6.5 percent, it will keep rates ultralow. In addition, the gross domestic product declined at an annual rate of 0.1 percent in the last quarter of 2012, the first decline recorded since 2009.

MR. ROSENBERG says he does not believe that we are in a recession now but that we are very close to one. “Anemic growth is my baseline scenario,” he says. A shock could undermine the economy. And there is no assurance, of course, that the Fed can keep propping up equity asset prices.

So he advises that for diversification alone, investors should keep holding onto bonds and other carefully selected fixed-income instruments; in addition, there is a great likelihood that inflation will stay low and longer-term rates will be constrained, which would be beneficial for fixed-income prices.

He recommends playing the equity markets cautiously by seeking high-dividend-paying stocks of well-managed companies. At the moment, he says, those include Blackstone, the asset manager, and Merck, the drug maker, among United States stocks. And he suggests that United States citizens hedge their bets by keeping 20 percent of their assets in Canada, which, he says, is fiscally sound and is likely to have higher growth and lower inflation than its southern neighbor. He advises holding Brookfield Infrastructure, which owns and manages utilities, energy and timber assets, and Crescent Point Energy, an oil and gas exploration company.

Above all else, he says, preserve your assets and your safety. Watch out for reckless behavior in the economy as well as on the roads. You never know what is about to come hurtling your way.


consists of almost all of the North American continent north of the US except
Alaska. Its total land area of more than 9 mln sq. km makes it the second
largest country in the world.

Canada’s topography
is dominated by the Canadian Shield, an icescoured area covering half the
country. Most of northern Canada has subarctic or arctic climates, with long
cold winters lasting 8 to 11 months, short sunny summers, and little
precipitation. In contrast, the populated south has a variety of climatological

The total population
according to the census 1981 was about 24 mln people with the average
population density of 2.8 per sq. km.

English and French
are the official languages of Canada and have equal status and equal rights and
privileges as to their use in all governmental institutions.

Canada is a
federation of 10 provinces and 2 northern territories. The federal Parliament
is made up of the House of Commons and the Senate. The leader of the party that
wins the largest number of seats in a newly elected House of Commons is asked
to form the government.

The civil law
follows English common law everywhere except in Quebec, where it follows the
Napoleonic Code.

Canada is a world
leader in the production of asbestos, nickel and different other elements,
forestry products, and ranks first in the world in export of minerals. Although
no longer the foremost sector of the economy, agriculture is of major
importance to the economy as a whole and still is basic in many areas. Canada
is among the world’s leading wheat producers and is second in the export of

Basically, Canada
has a free-enterprise economy. A recurrent problem for Canada has been the
dominant position of US corporations and investors.

Canadian Economy — Canada FAQ

Economy of Canada — Canada’s Key Industries

Canada is the world’s second largest country in size. Due to its outstanding natural resources, Canada is a wealthy nation and one of the global leaders in international trade. The country is a world’s leading contributor of uranium and zinc and has vast deposits of lead, nickel, and aluminum. Canada has a big resource base of natural gas and oil, as well. The nation is a major exporter of automotive products — one of the top three contributors after Japan and the United States. Canada is also the world’s fourth-largest supplier of agricultural products, such as wheat, grains, vegetables, fruits, tobacco, forest products, fish and dairies. The country’s services sector is also one of the best developed — it contributes over two-thirds of the Canada’s output.

To sum up, Canada is among the global top ten powers in the following key industries: processed and unprocessed minerals, natural gas and oil, agricultural and food products, transportation equipment, wood and paper products, chemicals and fish products. The leading companies are: Agnico-Eagle Mines Ltd., Alcan Aluminum Ltd., Bell Canada Enterprise Inc., Bombardier Inc., Scotiabank, CIBC, George Weston Ltd., Imperial Oil Ltd., Loblaw Companies Ltd., Magna International, Manulife Financial Corp., Nortel Networks, Nicor, Royal Bank of Canada, Sun Life Financial Inc., TransCanada Corpfration, TransCanada Pipelines, TD Bank, etc.

The Canadian Economic System

Despite that Canada’s economy is one of a market-oriented type, the government plays an important role in controlling the State’s budget, determining the rules regarding most of the corporate and personal income taxes, and collecting them. As a result, the State provides various services, such as employment insurance payments, old age security payments, etc. Besides, the federal government has several funding commitments and responsibilities including the management of the Canada Pension Plan and allocating money for education, health and social services to the provinces.

Economy and the Biggest Cities in Canada

The five largest cities in Canada, more densely populated than the capital city of Ottawa, are: Toronto, Montreal, Vancouver, Calgary and Edmonton.

Toronto is the economic capital of Canada and one of the world’s leading financial centers. Toronto is considered a cosmopolitan city as almost half of its 4,753,120 residents were born outside the territory of Canada. The city is permanently rated as one of the most livable places in the world.

As the biggest city in the largest Francophone Canadian province (Quebec), Montreal is the world second largest French-speaking city after Paris. The city is known as Canada’s cultural capital.

Vancouver is well-known for its port which is the largest in Canada. Forestry and tourism are the best developed industries in the city. Vancouver is a major film production center in North America — the third after Hollywood and New York.

Calgary is a popular destination for ecotourism and winter sports. The petroleum and high-tech industries are also among the key economic sectors developed in the area.

Edmonton is called «The Festival City» as it hosts a number of world-class festivals. The city is a large educational and cultural center as well as a major hub for the oil and gas industries. Previously known as the �Oil Capital of Canada�, Edmonton is a major center for the petrochemical industry. The biotech and service industries are also well-developed. Among the major employers in the city are IBM, Canadian Western Bank, Intuit Canada, General Electric, etc.

The capital city of Ottawa is considered the fourth cleanest city and one of the most livable places around the globe. The major employers in the capital are the federal government and the high tech companies. Key companies operating in Ottawa are Adobe Systems, Computer Sciences Corporation, IBM, Hewlett-Packard, General Dynamics, MBNA Canada Bank, and many others.

Discover Canada — Canada’s Economy

Canada’s Economy

Discover Canada: The Rights and Responsibilities of Citizenship — Canada’s Economy

Duration: 3 minutes, 13 seconds. Read by Albert Schultz.

Download this chapter: MP3 (MP3 , 4.42MB )

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A Trading Nation

Canada has always been a trading nation and commerce remains the engine of economic growth. As Canadians, we could not maintain our standard of living without engaging in trade with other nations.

In 1988, Canada enacted free trade with the United States. Mexico became a partner in 1994 in the broader North American Free Trade Agreement (NAFTA), with over 444 million people and over $1 trillion in merchandise trade in 2008.

Today, Canada has one of the ten largest economies in the world and is part of the G8 group of leading industrialized countries with the United States, Germany, the United Kingdom, Italy, France, Japan and Russia.

(From left to right)
Oil pumpjacks in southern Alberta
Atlantic lobster
Hydro-electric dam on the Saguenay River, Quebec

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