CANADIAN IMMIGRATION NEWS

Canada's Economy to Weather Economic Storm

Friday, 24 August 2007

Canada's economy is set to fare well and continue to grow, despite the world-wide economic slump due to the collapse of the sub-prime lending market.

Canada's strong economic performance, sensible government fiscal practices and strong basis in real resources puts it in a strong position to weather the world-wide economic slump hitting much of Europe and the United States.

Much of the Canadian economy, especially it’s export economy, are based in real resources with constant world-wide demand. The highly diversified economies in Ontario and Quebec, with mixtures of the industrial, natural resource, financial, IT and service sectors are especially well set to stand up to economic adversity.

Although Canada has not been untouched by the problems from the sub-prime lending market crisis, the effects on the Canadian economy have been far less severe than in other major economies.

Despite some job losses, the overall employment rate in Canada continues to grow at a predictably steady rate. This growth is being driven largely by the resource-based Alberta economy, which has unemployment rates regularly below 4%.