5. Is Canada a developed country now?
Canada is the world's tenth-largest economy as of 2018, with a nominal GDP of approximately US$1.73 trillion. It is one of the least corrupt countries in the world,and is one of the world's top ten trading nations, with a highly globalized economy. Canada has a mixed economy ranking above the U.S. and most western European nations on The Heritage Foundation's Index of Economic Freedom,[251] and experiencing a relatively low level of income disparity.The country's average household disposable income per capita is "well above" the OECD average.The Toronto Stock Exchange is the ninth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$2 trillion.
In 2018, Canadian trade in goods and services reached CA$1.5 trillion.Canada's exports totalled over CA$585 billion, while its imported goods were worth over CA$607 billion, of which approximately CA$391 billion originated from the United States, CA$216 billion from non-U.S. sources. In 2018, Canada had a trade deficit in goods of CA$22 billion and a trade deficit in services of CA$25 billion.
Since the early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one.[256] Like many other developed countries, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce.However, Canada is unusual among developed countries in the importance of its primary sector, in which the forestry and petroleum industries are two of the most prominent components.
6. What problems does Canada face today?
Canada is indeed one of the best places in the world to live. A beautiful vast land rich in natural resources, abundant clean water, sufficient land mass, allowing 273.8 square km per 1,000 people, and an incredibly safe country to live. It has excellent universal health care, and Canadians have one of the highest life expectancies in the world. If you’re thinking of moving to the area, check out car & home insurance quotes at myinsurancebroker.com. Canada took the top spot in five attributes in the official 2017 Best Countries survey, more than any other country with the following qualities: respects property rights, trustworthy, religious freedom, politically stable and well-developed public education system. After Australia, Canada is considered the most favorable place to live. It comes within one point of the top spot on a 100-point scale according to the United Nations. However, Canada is not immune from having its social problems that need addressing. Some issues are uniquely Canadian such as Canada’s treatment of its First Nations people, the effects of globalization, climate change, world economics, and the change in the relations between the current US administration. Here are some of the main issues that confront Canada.
Housing
In recent years, Canada’s housing problems have exploded as surging house prices in Vancouver and Toronto reach the extremes, pricing out local buyers. Offshore money and both domestic and foreign buyers point the blamed for a housing speculation boom. There are now taxes on non-local buyers and regulatory changes to the mortgage rules and interest rates made to cool the housing market. What can federal policymakers do about it? Unfortunately, not much—because the core problem is a lack of low-cost, single-family homes in cities, driven in part by local and provincial government policies. Despite record low, interest rates in the last few years, house prices have risen to stratospheric levels. The solution does not lie solely in reducing foreign buyers. The lack of housing supply also needs to be addressed at the municipal level. Provinces like British Columbia has restricted home building on a large amount of land it has protected for agriculture (The ALR – Agricultural Land Reserve) around Vancouver. The result is rocketing land prices and cumbersome extra regulatory hurdles for building homes, condo, and apartments that (in Vancouver for example) can add almost $250,000 to the construction of a new house. New developments need always to include affordable rental housing to curb the housing crisis.
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