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, Toronto Financial District August 2017 1

Canada has a highly developed mixed economy with 10th largest GDP by nominal and 17th largest GDP by PPP in the world. The country is one of the world’s wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and the G7. The Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. The largest sector of the economy is the service industry, followed by the industrial sector and the agriculture sector. Canada is one of the world’s largest trading nations and exports of goods and services account for about 30% of its GDP. The United States is by far its largest trading partner, accounting for about 73% of exports and 63% of imports. Canada is also a member of the North American Free Trade Agreement (NAFTA) and the World Trade Organization (WTO).

The Canadian economy has been relatively stable in recent years, with low inflation and unemployment. However, the country has been facing some economic challenges, including a slowdown in growth and a decline in commodity prices. Despite these challenges, the Canadian government has been implementing policies to stimulate economic growth, such as infrastructure spending and tax cuts.

Canada is rich in natural resources and its industries are heavily dependent on the export of these resources, especially oil and gas, timber and minerals. The energy sector is a major contributor to the Canadian economy and is the country’s largest export industry. The mining industry also plays a significant role in the economy, particularly in the production of metals and minerals. Agriculture, fishing and forestry are also important industries in Canada, and the country is a major producer of wheat, canola, and other crops.

The Canadian economy has been impacted by the COVID-19 pandemic, with many businesses shutting down, and many people losing their jobs. However, the Canadian government has implemented various measures to support businesses and individuals, such as the Canada Emergency Response Benefit (CERB) and the Canada Emergency Business Account (CEBA). The country has also been able to maintain a relatively low number of COVID-19 cases and death compared to other countries, which has helped in keeping the economy stable.