Canadian Economy

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Recommended: Economic impacts of WWI on Canada

The end of World War II came not only with the return of the soldiers and loved ones, but a general optimism towards Canada's revival. It came with a sense of better times and prosperity that would help re-establish a nation that was superior to the one before it. It was this optimism that fuelled a period of economic growth for the Canadian economy that came through the creation of suburbs, a higher GDP and the introduction of the baby boomers. Needless to say, it was this period that would help to set the foundation of the vast Canadian economy that sprouts today.
The return of the veterans came in such huge influxes that the simple metropolis could not compensate. The issue of where to house these war heroes was one prominent throughout …show more content…

As a result the gross domestic product (GDP) started to grow significantly. The economy was expanding, and with it was Canada's manufacturing identity. From being a primary source of agricultural resources, the trend shifted to oil, gas, potash, and other natural resources, all giving Canada a new industrial edge and an impressive foreign impression. Consequently, there was fairer distribution of income because of which more families started to achieve the middle class status. This fuelled a greater desire of having the latest household conveniences and luxuries which stimulated Canada's retail market and increased the standard of living. In addition, this post-war period brought about a structural reform whereby both men and women were entering the job market. In fact, between 1940-1950, wages of men increased by 34% where that of women increased by 56%. Overall this brought about an optimism that corresponded to the luxurious …show more content…

This period, that lasted 20 years, consisted of over 8.2 million baby births, and needless to say, the baby boomers, or 'generation X,' had a significant impact on Canada's economy. The population was characterized for their unique desires that shifted the traditional manufacturing business to opt on diversifying products and services that could cater to these unique wants. This also resulted in a time of technological innovation because 'generation X' was highly influenced by technology. As a result, Canadian businesses saw more conglomerates and mergers that brought attention to foreign investors and developed international business relations. In fact the flourishing of conglomerate businesses was so profound in the 60's, appropriately naming that period, 'The Conglomerate Boom.' Not only did the baby boomers impact the diversification of manufacturing businesses but the job sector as well. As the economy shifted into a more innovative and complex phase, this generation saw the necessity to gain more education to obtain skilled jobs. Because of this, the number of graduates with university degrees significantly and, correspondingly, the number of skilled labor opportunities. With the wages increasing as well as jobs, this generation capitalized hence enhancing Canada's white collar

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