Usually, when someone thinks of Canada they may think of hockey, maple syrup, and the fact that it is probably very cold. However, Canada is also known for many other things such as their natural resources like fresh water, timber, fish, and mineral and petroleum resources. Their three key industries include energy, forestry, and mining; and a few of their top three key companies include the Gillam Group, Buytatab Online, and Maropost. The political structure in Canada is considered a constitutional monarchy, which is a form of government whereas a country is ruled by a king or queen. Their head of state is Queen Elizabeth however her representative in Canada is the Governor General who proclaims the laws that parliament passes.
Canada’s type of economy is considered a liberal market economy. In 2019 Canada seemed to have a higher Gross Domestic Product than the United States, Canada recorded an annual Gross Domestic Product growth of “+3.0% or better in seven years, with one extra year at +2.49%” (Carrick, 2019). While the United States Gross Domestic Product was recorded as “+3.0 or more in four individual years, with another three falling just short, at +2.49.” (Carrick, 2019) According to William Robson and Alexandre Laurin, “The C.D. Howe Institute's Shadow Federal Budget for 2019 looks past the overspending and deficits the federal government has adopted as its fiscal signature since its election in 2015.” Canada chooses to gear their focus towards ensuring that their economy is competitive as well as dynamic to “return to surpluses” for its next Parliament meeting. (Robson and Laurin, 2019)
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Did you know that one of the reasons for the colonization of Canada was to sell their natural resources on an international level? This means that Canada has been in the international market since colonization. Because of their natural resources, Canada has many trade agreements with many different countries across the world; the Canadian economy depends on these trade agreements. Canada's dependence on trade agreements with other countries seems to be relatively higher than most other economies around the world. In 1965 the GDP of Canada's exports was 15.6% and in 1992 the GDP had increased to 24.5%. (Hessing, Howlett, Summerville, 2005) Natural resources are the base of almost everything, this is why it is important to keep natural resources and the environment protected by the nation’s resource and environmental policy. By analyzing the nation’s resource and environmental policy from a political standpoint you can understand the “social and economic relations of production, as well as distributive processes, are factors shaping policy-making;” this is what shapes the resource and environmental policy as well as the reasons why it was put into place. Canada's natural resources include fresh water, timber, fish, and mineral and petroleum resources. These resources must be utilized correctly because they directly impact the lives of Canadians. According to Melody Hessing, Michael Howlett, and Tracy Summerville (2005), “Canadian resource and environmental policy warrants investigation and concern for several reasons.” The environmental policies put into place will impact not only Canada but other places around the world as well. Canada’s citizens are the second most wealthy people based on when the “value of untapped resources and the relatively low population level are taken into account.” (Hessing, Howlett, Summerville, 2005) Land that is owned by the public and controlled by the government in Canada consists of 90.3 percent of all of the “Canadian land base” which means that most of the land in Canada is controlled and managed through government policy. So according to Melody Hessing, Michael Howlett, and Tracy Summerville (2005), this means that “government policy decisions affect a large and diffuse number of interests in Canadian society.” Another concern for the maintenance and quality of the environment in Canada is due to demographical changes. This affects the availability of natural resources as well as how these resources get used. The Canadian population was originally 3.7 million people but has grown to 31 million in the last one hundred and forty years due to an increase in immigration to Canada.
The first key industry (in no specific order) is the energy industry. According to MarketLine Industry’s Profile on energy consumption in Canada, in the last four years, the value of the energy industry has grown and will “continue to [grow] at a fairly slow rate.” Energy consumption declined in 2015 and the decline in 2018 was worse however these were expected and can be “characterized by minimal growth or decline.” (MarketLine Industry, 2019) The sixth largest producer of energy in the world is Canada, most of their energy consumption needs are met through the use of hydroelectricity. In 2018, $180.3 billion in revenues were met by the Canadian energy consumption sector; which led to a compound annual growth rate from 2014 through 2018 of 2.2%.
Secondly, the next key industry (in no specific order) is the forestry industry. The forest industry is also quite important. The Canadian Boreal Forest Agreement is considered to be “the world's largest conservation agreement this agreement sets a world precedent” for the preservation of the Boreal Forest. This industry supplied two hundred and thirty thousand jobs and brings in fifty-eight billion annually in forest products which represents Canada's GDP of 2% (FPAC, 2015).
Finally, the last key industry (in no specific order) is the mining industry. The mining industry declined in 2015 like the energy industry however it has recovered since then. This industry has shown a great amount of growth in the past few years. According to MarketLine Industry (2020), the mining industry in Canada makes up “10.4% of the values of the … mining industry.” Technological advancements are being put into place to help improve the productivity in the mining industry as well as the safety of the employees and they are hoping to improve on their environmental management also. These advancements will “reduce costs, boost efficiency and increase profits over the forecast period.” (MarketLine Industry, 2020) However there are whispers of low-carbon commitments to the economy and this couple possibly hurt this industry.
Canada's top company that is quite important to the Canadian economy is the Gillam Group. The Gillam Group is the “single most dynamic business in Canada is a construction company” and their duties include planning and delivering projects that cost around 80 million dollars. The founder of the company, John Gillam, is one of the most innovative people “in the Canadian business industry.” Their company has an annual revenue percentage increase of 5,851% with more room to grow. (Business Review Canada, 2018).
Canada's second top company which is quite important to the Canadian economy is Buytatab Online. Buytab Online is known to have the “most advanced infrastructure” They reported an annual revenue percentage increase of 3,732% (Business Review Canada, 2018). Buytab Online roughly brings in revenues of around $40 million annually, they are continuously adding merchandise to their base.
Canada's top company that is quite important to the Canadian economy is Maropost. Maropost seems to be a good company to invest in according to the Business Canada Review (2018). They are a marketing company that works with many well-known brands, such as Mercedes Benz for example. Maropost’s annual revenue percentage increased by 2,596%. The goal of Maropost is to shift marketing to digital platforms to reach their targeted audience. They are projected to become a major marketing company on the international level within the next few years. (Business Review Canada, 2018)
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