The Canadian Economy

Paper Summary:

This paper examines how in recent years, the challenging economic condition in Canada has emerged as a concern for citizens, policy makers and the government alike. It looks at how Canada faces challenges in terms of creating a more innovative society, as the country continues to experience a significant productivity gap compared to other advanced industrial economies. It also discusses how the Canadian industry appears to be slower in successfully developing, applying and marketing innovative products, processes and services than a majority of other nations. It shows how this lack of innovation is the cause of Canada's low productivity growth and competitiveness, and how therefore must be addressed in order to increase employment growth, a higher standard of living and an improved quality of life for all Canadians.

From the Paper:

"Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. As a result of the close cross-border relationship to the United States, the economic sluggishness in the United States in 2001-02 had a negative impact on the Canadian economy. Real growth averaged nearly 3 percent during 1993-2000, but declined in 2001, with moderate recovery in 2002-03 (Canadian Industry in the Global Marketplace, 2001). Unemployment is up, with contraction in the manufacturing and natural resource sectors. Despite this, due to its great natural resources, skilled labor force, and modern capital plant Canada enjoys solid economic prospects. "

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