In Canada, as in many industrialized countries, a combination of factors, including stronger productivity growth among goods than services producers, competition from low-cost foreign producers of clothing, have led to a major change in the structure of the economy. The plunge in oil prices, along with the softer dollar and the weakened ability of western energy-sector heavyweights to generate government and corporate revenues could level the playing field, or even swing it back in favour of the manufacturing sector in Central Canada, and other traditional hubs.
Canadians are known for proudly sewing the country’s flag to backpacks and suitcases when travelling abroad. So it may not be surprising that Canadian consumers are increasingly letting their love for country to guide their purchasing decisions as well. Canada will continue to receive a significant number of immigrants each year, ensuring continued growth in diversity. The religious make-up of Canada continues to evolve rapidly due to immigration and changing religious perspectives and attachments. Canadians increasingly expect governments, nongovernment organizations,BUSINESSES and other institutions to conduct their affairs in a more open, transparent manner that incorporates public opinion and feedback into decision-making. Calgary is known as “Canada’s power house”. It has the second highest average annual, real GDP growth and second highest total growth in retail sales over the past 10 years. Calgary has the best-paid and productive workforce. Canadians, in general, have remained more positive about the Canadian economic climate respecting their marketplace.
Canadian employment soared to much stronger than expectations for a gain of 10,000. Full-time and part-time employment increased by 30,900 and 27,900, respectively. Advances in technology, changing demographics and the global recession have helped shape new consumer behaviours. There are five must-watch trends that are shaping the future of CanadianBUSINESS. They are: Internet revolution, Health Mania, Customer is king, Calculated customer and the “made-in-Canada advantage”.
Services are already very prevalent in the Canadian economy, with about 80 per cent of all jobs in services industries such as engineering and communications. In international markets, three out of the five fastest-growing Canadian exports over the last decade were services. Canada’s finance and insurance, management, and computer and information services exports increased more than 50 per cent in the last decade. Despite this trend, there has been little study of services trade in Canada. Canada’s provinces already have a head start in implementing policies to put a price on carbon, and provincially-customized carbon pricing policies present a practical way to make national progress on lowering emissions today. Canada’s emerging strengths in services, and the important role that services play in making Canada’s goods exports more competitive. Canada has benefited from Asia’s seemingly-insatiable demand for natural resources over the last decade, with coal, iron ore, and oilseeds enjoying massive success and profits.
The emerging and changing trends of the Canadian economy welcomes new immigrants to explore the Canadian market which has tremendous opportunities for growth financially and professionally. Canada offers a life of quality and stability to all its residents and the economy promises a steady growth.
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