The economy of any country is dependent on how the country is able to harness and utilize its natural resources to ensure the success and continuity of its economy. There are various sectors in the economy; the primary sector is perhaps the most important. This is because the primary sector entails the free resources that a country has and can exploit as a means of supporting the economy. This report will be based on the Canadian economy; it will try and evaluate the Canadian primary sector. This will include an analysis of the importance of the primary sector to the Canadian economy, reason why the primary sector should be expanded or not, it will also take a look at the advantages and disadvantage of having an expanded primary sector. Finally, …show more content…
Logging and Forestry The logging sector of Canada has continued to experience growth and it is currently ranked second in the world in terms of exporting primary forest products. It is among the top five contributors to the countries economy. Canada has forest cover that is equivalent to 10% of the world’s forest cover. In 2010, the forest sector contributed US$ 23.5 billion to the country’s GDP. The sector direct employment numbers in 2010 stood at 190658 people which amounted to US$8.8 billion in wages and salaries in 2009. This sector also contributed US$ 16.6 billion to Canada’s surplus balance of trade in 2010. These two sectors present the largest contributors to the economy from the primary sector and by analyzing the numbers that these two sectors have contributed to the local economy and international economy it is evident the importance that the primary sectors play in Canada’s economy. The other primary sectors that include agriculture, mining among others also contribute heavily to the country’s economy. Please view appendix 3 for a comprehensive list of the contributors to the country’s economy. The primary sector has continued to contribute heavily on the country’s nominal GDP, through creation of direct and indirect employment to the local communities and this has helped to increase the standards of living for the local …show more content…
The expansion would put Canada in a good position to capture these emerging markets. (Please see appendix 4 for key commodity price indices). There has been a lot of interest in investments towards Canada’s expansive natural resources sectors that could help improve production capacities, as well as, economic benefits for businesses and employees (Natural Resources & Provincial and Territorial Governments, 2012). Further, there has been an unprecedented increase in the value of recoverable reserves of the country’s natural resources, in 2011; it was estimated at US$ 1,247 billion. This fact affirms the need to expand the primary sector this will allow for proper utilization of the natural
The global economy has been recovering from the financial crisis which occurs in 2008, then has a weak growth for most developed countries over 2012 and 2013. But economic activity in Canada has expanded at a faster pace than most other major advanced countries in 2012; however, economic performance in Canada has been unsteady throughout 2013 (The Economic review, 2013). After the last quarter in 2010 GDP growth rate grows rapidly, the GDP grows slowly but steadily in 2012 which remains at around 3 percent. Real GDP growth rate in Canada grows slowly in the first quarter of 2013, but increased by 5 percent in the second quarter ,then remains the same level until the first quarter of 2014 (Statistics Canada, 2014). In 2014, the Canadian government take a series economic action plan as a guide for the economy development such as improving investment conditions, ...
The Relevancy of the Heartland - Hinterland Distinction in Canada's Economic Geography Until the early 20th century, Canada was primarily an agricultural nation. Since then it has become one of the most highly industrialized countries in the world as a direct result of the development of the ‘heartland'. To a large extent the manufacturing industries present in the heartland are supplied with raw materials produced by the agricultural, mining, forestry, and fishing sectors of the Canadian economy, a region known as the ‘hinterland'. The ‘ heartland-hinterland' concept in Canada describes patterns of economic power, namely, where economic power and control resides within the nation.
Before the war, Canada’s most important sector in its economy was agriculture. However, this was changing drastically after and during the war as industry began to take over as being more important. Canadian production of war material, food supplies, and raw materials had been crucial during the war. After the war, it was only natural that big investments were being made in mining, production, transportation, and services industries. Canadian cities were becoming very important contributors to the economy. This was also bringing in waves of post-war immigration, the backbone of Canada’s multicultural society we know today.
Last year, Canada received 443 billion dollars in revenue from exporting goods throughout the world. Almost 54% of that was covered by Canada’s three major exports (Stat Can.) - mineral products, transportation items, and electrical equipment and machinery. While preparing theses resources for export may be difficult, it is worth it. This essay will review the large role exports play in Canadian economy by being a immense source of income, allowing Canada to maintain robust trade routes and relations throughout the world, and providing Canadians with many jobs.
In the article “What Your Selfies Say About You” by Peggy Drexler, she talks about self-portraits also known as the “selfie”, and how it has taken over social media and added a manifestation to society’s obsession with looks. Taking a self-portrait can be positive in the sense that you are proud of your image and are not scared to share it with others helping boost up your self-esteem. Although this may help others by persuading them to not be ashamed to share their true image, Drexler believes this can also affect other individuals whose focus is only on looks making them feel self-conscious about their looks. A recent study out of the UK found that the selfie phenomenon may be damaging to real world relationships, concluding that both excessive
Over the past two quarters Canada has experienced a continuous decline in GDP. Many factors contribute to the recession and decreases in the financial stability of our country. Factors that either contribute or reveal that Canada is in a poor economic position are increasing unemployment rates, surging price levels, and rising interest rates. These opposing contributions force consumers to save their money instead of putting it back into the economy. This then diminishes the economy, forcing the recession onto our citizens. The novel, Dinner Party Economics by Eveline J. Adomait and Richard G. Maranta and various reputable sources further explain the topics regarding to this upcoming recession. Canada has been hit by a brick wall of negative
Have you ever wondered which events in Canadian history have been the most significant in shaping Canadian identity? Many significant events in the twentieth century left a lasting legacy for Canada. Canada would not be the culturally rich, prosperous and progressive nation that it is today, without its immigration patterns in the past. World War I (WWI) was also a significant event as it united Canada and left behind a legacy of sacrifice and national pride. Economic development during the post war period contributed to Canadian success nationally and globally. Immigration, WWI and economic development were significant events in Canadian twentieth century history. Each event brought new and powerful
...nguage, and religion all make up Canada’s human face, but also front how the cultural accommodation will continue with the risk of losing Canada’s main traditions. Faultlines again come into perspective within demographic issues, especially with newcomers/old-timers, aboriginal population expansions, and French/English language. The core/periphery model is also represented. The end of the chapter places a focus on Canada’s economic face as well, dealing with stresses inside the global economy as well as its strong dependency on the U.S markets (Bone, 169) especially with the stimulating global recession. Canada’s economic structure leans on the relative share of activity in the primary (natural resource extraction), secondary (raw material assembly), tertiary (sale/exchange of goods and services), and quaternary (decision-making) sectors of the economy (Bone, 166).
People outside of Canada are baffled at how Canada ended up in such a state of affairs. Canada as a country has a lot going for it. A high GNP, and high per capita income in international terms. It is ranked at the top of the...
Bennet, P.; Cornelius J.; and Brune, N. Canada: A North American Nation. Second Edition ed. Canada: McGraw-Hill Ryerson Limited, 1995.
Canada is a big country possessing many natural and rich resources. Since World War II, Canada’s manufacturing, mining and service sectors experienced a significant increase which transformed the country from a mainly rural economy to a mainly urban and industrial economy (Central Intelligence Agency, 2015). Immigration plays a big role in Canada’s history, starting as early as settlers from France and England. By 1960, around one-third of Canada’s population had neither a British or French origin (Government of Canada, 2011). Immigration is important to Canada as it does not only help to maintain its population growth, but it also helps the challenges it faces to a shrinking work force due to its aging population. The immigration
Now, sustainable development and quality of life are crucial to the well being of our nation. Thus, I have pondered many a year on this very important matter and have consulted a very knowing Canadian of my acquaintance at the World Wildlife Fund (WWF). The amount of natural resources in this country being usually reckoned infi...
The shortage of skilled workers in the coming decade poses a serious threat to all aspects of the Canadian economy. Like all others, our economy is comprised of three major elements: primary products, secondary goods and services. My research indicates that primary products constitute just over 7% of Canada's GDP, secondary goods account for 21%, and the services comprise 72%. This distribution although heavily in favor of the service industry still shows the importance of the secondary/manufacturing industry in Canada's modern day economy. Taking into fact that since the late nineteenth century, Canada's centre of manufacturing is focused in two provinces, Ontario and Quebec. Consistently, year after year, Ontario contributes about 50% of the Canadian total of manufactured goods produced, measured by value, and Quebec 25%.
British Columbia's forests are also a very important natural resource. Over half of the exports that British Colombia makes are forest products such as paper and wood (“Economy” par. 1-2). If BC did not have a very large it would put approximately every 1 in 5 people in BC out of work. Most people travel to Vancouver for great business opportunities imagine B.C. not having a good natural resources industry it would change Vancouver's image.
Thomson, Steve. "Saving B.C's Forests through the Trees." The Filipino Post 12-18 July 2012: 12. Print.