Question

what are the main factors that make Canada economically successful? Canada and Russia have similar geography but Canada is at least 5 times richer (per capita) than Russia and expected life at least 10 years longer. Why is that?

Answer 1

Economy of Canada

            Canada is a prosperous country. Canada has a fastest developing social welfare system. It also add up a better health care system. The main sources that contributes to Canada's economy are oil and gas, energy, manufacturing, tourism etc. It is estimated that around 3.8 million square miles is the area of Canada which means that it is the second largest country in the world. The population of Canada comes up to 38 million and the GDP shows $1.73 trillion. Canada is at the tenth position among largest economy in the world.

             Canada is one of the most progressive nations. For the past years Canada ranks in one among five in Human Development Index. In Canada education is mandatory till the age of 15. The literacy rate their is around 97%. Afamous geographer Laurence C. Smith, say that "climate change will turn Canada into a global superpower by 2050". Canada is also popular for one of the least corrupted countries in the world.

              Canada has $33.2 trillion in natural resources. The nation is home to the world's third largest confirmed petroleum reserves, industry minerals etc. The minerals that include gypsum, limestone, rock salt and potash, coal & uranium. It is the 3rd largest exporter of timber in the world. Canadian economy is also having a vibrant seafood industry. The country of Canada is divided into 10 provinces and about 75% of the population is concentrated at Ontario, Quebec, and British Columbia.

Some of the surprising facts about Canadian economy are as follows;

• Canadian citizens have the second highest quality of life in the world
• Canada has $33.2 trillion in natural resources.
• Canada has exceeding oil reserves than middle east nations.
• Canada, with its world- leading 125,567 mile coastline, makes $4 billion a year off seafood.
• Canada produces 71% of all the maple syrup in the world.
• Canada pay half for healthcare compared to Americans.

Canada vs Russia - Economies

Russia makes lesser money than canada. Canada and Russia have similar geography but Canada is at least five times richer than Russia and expected life at least 10 years longer. Canada with a GDP of $1.7T ranked and the 10th largest economy in the world, whereas Russia ranked 11th with $1.7T. With GDP 5 years average growth and GDP per capita, Canada ranked 133rd & 21st position while Russia 162nd & 68th position. We can say Russia is not a developed country because, there is poverty widespread, and the living standards are low.

A brief comparison of Canada and Russia is given below;

CANADA	RUSSIA
Developed country	Developing Country.
11th largest economy in the world	Widespread poverty and low living standards
Canada has a diverse economic base.	Infant mortality rate is 8 per 1000
Have natural resources including oil, gas and coal.	Life expectancy is 71 years.
Have a strong manufacturing climate	HDI is 0.79
Canadians enjoy universal health care coverage(all residents have access to free medical care through govt. programme.)	Russian economy lacks diversity
Canada has strong public school system and highly ranked universities.	No technological innovation there in the 21st century.