CANADIAN IMMIGRATION NEWS

Canada's economy envy of the world

Saturday, 6 October 2007

The incoming head of the Bank of Canada has called Canada's economy the envy of the world. With the Canadian dollar at parity with the US dollar or even trading higher, a robust economy and strong rate of skilled immigration, Canada’s economy seems set to weather almost any storm.

Driven by resource and construction booms in western Canada, the unemployment rate has fallen to just 5.9%. Most economists consider any unemployment below 6% to be as close to full employment as possible in a modern economy. The last time the unemployment rate dropped below 6% nationally was in 1974. 110,000 new jobs were added to the national economy in September.

Despite fears that the problems in the subprime lending markets would hinder Canada's economy, instead there seems to have been a never-ending parade of good economic news.

The low unemployment rate and rising economic tide have pushed wages up across the country, and all over North America.