The Economic Benefits Of Every Nation Impacts The Quality...

The economic benefits of every nation impacts the quality of life for each individual in a society. A strong economy is important as it enhances standards of living and pushes humanity forward with a great success, enabling a better future all. Generally, economic growth is the most essential for a strong economy. Fortunately, Canada’s economy grew excessively in the past years and to this day is one of the best economies in the world. In the past, Canada was facing a large economic recession as it struggled to recover from the great depression. In the 1930’s, Canada’s Gross National Product had fallen by 43%, their exports had dropped by 50% and their unemployment rate had risen to more than 25%. Prior to World War II, a major transformation in the Canadian economy was marked. There was an upturn in industrial production and manufacturing in Canada as the demand for manufacturing, mining and services increased rapidly due to the war. The unemployment rate decrea sed as well because new jobs were being created so industries can benefit from a highly trained and diversified labor force. Since the financial crisis in 2008, Canada’s economy has remarked as one of the advanced and largest economies in the world. Today, Canada’s economy only continues to grow stronger as it has a focusing government, new opportunities and choices for people and lastly, the openness for trade and foreign investments. Canada has a focusing government, meaning the government portrays efforts toShow MoreRelatedEconomic Globalization And Its Impact On Society1154 Words   |  5 PagesEconomic globalization has progressed significantly around the globe. First world republics have evolved due to economics, while possessing economical supremacy over the poor. Developing technologies, social interactions and the exchange of ideas knowledge promote the expansion of economical impacts on societies. 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