In a well worded paragraph, discuss Canada's economic growth over the past ten years.

Expert Solution

Canada's market based economic structure closely parallels the U.S. Automotive and other manufacturing, forest products, minerals, and petroleum are leading industries. Around three-quarters of Canada's exports to the United States are so important to Canada's economic well-being is the continuation of a free trade agreement with its southern neighbour.

The highest federal income tax rate is 33 percent, and the lowest corporate tax rate is 15 percent. Certain taxes include value added tax and real estate tax. The gross tax burden is equivalent to 32.2 per cent of gross domestic revenue. Over the past three years, government spending has stood at 40.5 percent of the country's gdp (GDP), and budget deficits averaged 0.4 percent of GDP. Public debt is 90.6 per cent of GDP.

The combined amount of goods and services exports and imports is 65.9% of GDP. The average tariff rate applied is 1.5% and there are 451 non-tariff steps in place. The overall structure for the project is effective and transparent. The financial sector offers a wide variety of innovative services. The six main banks remain dominant, but getting foreign banks join the market is fairly easy.

Rahul Sunny answered 7 months ago

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