Question

Describe the economic state of Canada

Answer 1

Canada is the world’s second-largest nation by land area. Its economy is highly developed mixed economy with 10th-largest GDP by nominal and 16th largest GDP by PPP in the globe. The economy closely resembles the U.S. in its market-oriented economic system, high living standards, and production patterns. Leading sectors include automotive and other manufactured goods, minerals, forest products, and petroleum. Due to its abundant natural resources and small population it is considered as energy superpower. The economic system of Canada generally combines elements of private enterprise and public enterprise. The country’s competitiveness in economy has been sustained by strong rule of law as well as the strong institutional foundations of an open-market system. In 2017, GDP growth rate of Canada was 3.0 percent faster in comparison to United States (2.2 percent). It's standard of living, as measured by GDP per capita was $48,100 which was lower compared to the United States ($59,500)