Canada has the eleventh largest economy in the world (measured in US dollars at market exchange rates). It is one of the world’s wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada’s most important. Canada also has a sizeable manufacturing sector, centered in Central Canada, with the automobile industry and aircraft industry especially important. With a long coast line, Canada has the 8th largest commercial fishing and sea food industry in the world.
Inclusively, Canada’s economic freedom score is 79.4, making its economy the 6th freest in the 2013 Index. Canada is also the freest economy in the North America region. The foundations of economic freedom in Canada remain strong and well supported by solid protection of property rights and an independent judiciary that enforces anti-corruption measures effectively. While many large advanced economies have been struggling with the heavy burden of government and fiscal constraints that result from years of unrestrained public spending, Canada’s public finance management has been comparatively prudent, with efforts to downsize government made on a continuing basis.
Canada’s economy has been resilient, benefiting from a strong commitment to open-market policies that facilitate global trade and investment flows. Efficient regulations are applied evenly in most cases, encouraging dynamic entrepreneurial activity in the private sector. Steady reduction of the standard corporate tax rate has also contributed to global competitiveness. Don’t you think you should be considering Canada?
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