Canada has always punched above its weight in economic and political influence. Despite a modest population and a slow and steady economy, Canada continues to boast the 10th largest economy in the world, valued at $1.6 trillion.
Our unique position offers challenges but many opportunities: deeply integrated into the world’s largest economy, we’re open for business with all of them.
Here’s how we stack up against the Top 4:
1. United States – $18 trillion
The United States has long been the world’s largest economy, with California as its most valuable asset. Each year, Canada and United States trade goods and services that form the foundation of our economy. However, China has been quickly gaining on the United States, to the benefit of many Canadian businesses, especially in British Columbia.
2. China – $11 trillion
China is the world’s fastest-growing economy, growing at 6.7 per cent last year. With a large population and growing middle class, China is well positioned to be a profoundly important importer and exporter for Canadian industry.
3. Japan – $4.4 trillion
As part of the growing Asian bloc, Japan values Canada’s seafood and manufactured goods. Representing almost 6 per cent of the global economy, this market is a potentially lucrative one for companies able to attract the attention of Japan’s tech-savvy urban elite.
4. Germany – $3.4 trillion
Germany has built a reputation for manufacturing excellence. Its costly and well-made goods are consistently lauded as among the best in the world. From cars to industrial machinery, Germany’s well-paid middle class fills a niche that Canada is also educated and skilled enough to meet, with the added benefit of sharing a border with the world’s greatest market for such goods.
Despite its modest reputation, Canada is an economic powerhouse on the world stage. Now is a great opportunity for Canadian businesses of all sizes to take advantage of this unique position.