The Canadian economy grew an astounding amount in 2009 and that pace of growth is the strongest in more than a decade and twice the 3% growth reported by the U.S. With so much uncertainty in the air in the U.S., President Obama would be smart take a long moment during his Toronto visit to learn some lessons from the Canadian way of growing an economy. While the U.S. economy has stabilized, its prospects for a strong recovery remain in doubt. The Obama administration continues to propose stimulus efforts to spur job growth, but so far the unemployment rate remains stubbornly high. Even worse, many economists are now predicting another dip in the housing market and more trouble ahead for the banking sector.
Canada is expected to lead the G7 in economic growth for at least the next two years. How did our northern neighbor become the economic star of the exclusive G7 club of developed nations, which includes Britain, France and Japan?
1) A lack of bankers gone wild: A key reason is that its banks sailed through the worst downturn since The Great Depression without getting knocked to the ground by subprime mortgages. Canadian banks remain as solid and well-capitalized as ever. And despite a reputation for bleeding retail customers and small businesses dry with service charges and fees, they continue to underpin Canada’s economy.
2) Innovative manufacturers: Exporters used to have a historic cost advantage. That’s no longer true: the Canadian dollar trades at near parity with the US Dollar. Instead of asking for protection: “Manufacturers have been forced to look for new customers and do business differently,” says Jayson Myers, president of Canadian Manufacturers & Exporters, the country’s largest trade and industry association. Companies that have survived the global downturn are investing in new product design and engineering for new customers in Mexico, China and India.
3) Fiscally restrained government: Finally, Canada is on an economic tear because Ottawa has managed to get its fiscal house in order over the last 15 years, with the federal deficit now at a mere 3.5% of GDP. This compares to 11.3% in the U.S. and 10.4% in Britain.
Canada has one of the lowest unemployment rates, and it continues to fall. I would highly recommend that you apply now for permanent residency of Canada, as the jobs in demand for Canada immigration by CCIC are subject to change at anytime, and you may no longer be eligible to immigrate. You may view a list of the jobs in demand at
To begin your first step towards your new life in Canada simply complete our free Canadian immigration eligibility assessment at
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