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Analyzing Current Economic Issues

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Analyzing Current Economic Issues

Summary: Canada’s Exports Need to Be Reoriented to the New Global Economy, Says Bank of Canada Governor Mark Carney (Source: Bank of Canada)
This article focuses on the reasons behind the downturn of the Canadian economy. Mark Carney believes that the combination of overexposure to the U.S. market and underexposure to faster-growing emerging markets is almost entirely responsible for Canada’s further loss in world market share over the last several years. The article also talks about what actions Canada can take in order to bring our economy back up, and how we should invest in our greatest resource, which are our people

Summary: Canada GDP: July 2012 Saw 0.2 Per Cent Jump, Decline in Mining, Oil and Gas (Source: HuffPost Business)
During the month of July, 2012 Canada has seen a 0.2 percent decline in its mining, oil and gas extraction. When looking at the different types of sectors, the manufacturing sector performed well with a 6.9% increase along with wholesale trade increase by 0.2%. Although Canada’s output has increased by 1.9%, its weakness still lies in the export sector with a $2.9 billion trade deficit for the month July.

Summary: Unemployment rate holds steady at 7.4% (Source: CBC NEWS)
According to Statistics Canada, Canada’s unemployment rate remained at 7.4% in October. In addition, October’s unemployment in 7/12 provinces and territories has increased especially in P.E.I with the highest unemployment rate increase by 11.7%. However, the city with the greatest increase in unemployment rate is Toronto with 8.6%. When comparing Canada’s overall unemployment rate with the U.S., the U.S. has a higher unemployment rate at 7.8%.

Relation to Chapters 10 and 11
According to the Statistics Canada’s July 2012 report, there was a $2.3 billion trade deficit in Canada, indicating that Canada’s weakness lies…...

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