The Economy by Keren Mwiza

Growth Domestic Product - 1970

kerenmwiza — 2024-01-24 03:48:37 UTC

Post ww2 until the end 1970 Canada has overseen a long period of growth that is often measured in per capita GDP.

1980's Recession

kerenmwiza — 2024-01-24 03:48:43 UTC

In the early 1980's, central banks around the world tried to deal with the recurring pattern of inflation. The following recession affected Productivity growth, rising standards of living, and spending on social services stopped. The recession hit Canada especially hard as it targeted interest rates, unemployment in industries such as the mining industries and inflation rates.

Mid 1980's

kerenmwiza — 2024-01-24 03:49:14 UTC

Canada's economy recovered and Canada had the highest economic growth rate in the Organisation for Economic Co-operation and Development (OECD) from 1984 to 1986. However this prosperity did not spread out evenly around the country.

Mid 1980's

kerenmwiza — 2024-01-24 04:10:59 UTC

Canada and the US relationship reached new scopes when developing the North American Free Trade Agreement (NAFTA)

1989

kerenmwiza — 2024-01-24 04:12:52 UTC

Although it was vastly debated about NAFTA came into effect on January 1, 1989.

1985

kerenmwiza — 2024-01-24 05:35:56 UTC

Maude Barlow an opponent of NAFTA co-founded The Council of Canadians to preserve Canada's economic independence

1990

kerenmwiza — 2024-01-24 05:41:19 UTC

In 1990 The bank of Canada adopted a 'more restrictive' monetary policy resulting in a slump in Canada's growth per capita.

1997-2000

kerenmwiza — 2024-01-24 05:44:38 UTC

The years following 1997 there was much excitement about the technology sector that investors 'blindly' invested in Dotcoms. When prices fell investors pulled out and another economic downturn started.

1995

kerenmwiza — 2024-01-24 05:46:16 UTC

Support for Quebec independence grew, in fact the separatist movement was just rejected by an incredibly thin margin

Brief description of Canada's 1990's economy

kerenmwiza — 2024-01-24 23:50:22 UTC

The 1980's saw; recessions and recoveries, close Economic Partnership with the US and opposition to NAFTA. The cod fish industry collapse, with its effects still being felt today

1992

kerenmwiza — 2024-01-24 23:59:09 UTC

Until the late 1950's Northern Cod fish was so plentiful that there were over 250,000 tons of catches annually. In the years following that late 1950's, however saw an influx of foreign ships that used destructive methods to haul large amounts of cod, flatfish, haddock, herring and many other fish. The annual catch of cod drastically rose from 250,000 to 800 000 tons in 1968. Canada pushed out the foreign ships, but Canadian industries reprinted them. The cod fish populations were unable to renew their number and after years of no action the Federal Minister of Fisheries and Oceans was forced to impose a ban on fishing the Northern cod. Some of the effects are still being felt today in Atlantic Canada and Newfoundland.

1999

kerenmwiza — 2024-01-25 00:02:23 UTC

In the year 1999, there were 457 initial public offering (OPS), most of which were internet and technology related. Of those 457 IPOs, 117 doubled in price on the first day of trading.

1992

kerenmwiza — 2024-01-25 00:03:39 UTC

Another part of NAFTA was signed on December 17, 1992. Canada and US extended the agreement’s provisions to Mexico. "NAFTA was ratified by the three countries’ national legislatures in 1993 and went into effect on January 1, 1994."

kerenmwiza — 2024-01-25 00:27:38 UTC

Regionalism has been a factor in the history of Canada since before Confederation and the lasting differences between Atlantic Canada & other, more affluent regions in Canada continues to cause some problems.

Canada unemployment rates

kerenmwiza — 2024-01-25 00:28:43 UTC

Western Canada

kerenmwiza — 2024-01-25 00:32:05 UTC

In political cartoons, you might see them depicted as cowboys, farmers, or oil workers, but the West is very diverse. Western provinces have low political representation in the House of Commons and the Senate because the population is smaller. There still is some resentment about the National Energy Program (NEP) that Pierre Trudeau set up in the early 1980s. A lot of people in Alberta still think it was an intrusion designed to take the wealth emanating from their natural resources from them.

Atlantic Canada

kerenmwiza — 2024-01-25 00:34:22 UTC

The collapse of the cod fishing industry and the moratorium on cod fishing in the Atlantic provinces during the 1990s led to high unemployment causing people to look for jobs elsewhere. But soon new resources were found. As of 2008, three oil fields were producing crude oil in provincial offshore areas – Hibernia, Terra Nova, and White Rose. A fourth field, Hebron, is set to produce oil in 2017.

Central Canada

kerenmwiza — 2024-01-25 00:38:42 UTC

After lagging behind the national growth rate in overall real domestic product for most of the 1970s,Ontario came out ahead in the mid-1980s. The 1991 recession hit Ontario harder than most areas of Canada and the recovery in the province was slow. Manufacturing and the Service sectors dominate the Quebec economy. If Quebec were a country, its economy would be ranked the 44th largest in the world just behind Norway.

Dot-Com bubble 'bursts'

kerenmwiza — 2024-01-25 00:46:01 UTC

The dot-com bubble had some similarities with the stock market crash of the 1920s. Both “crashes” were due to speculation on new technology-related opportunities. Stocks were bought fast and stock prices rose to new highs, making some investors extremely wealthy. Continued optimistic predictions led people to take even more risks. They continued to invest, often borrowing money to do so. The stock market peaked and crashed. People lost what they had invested and were financially ruined.

consumerism and personal debt

kerenmwiza — 2024-01-25 00:49:20 UTC

Over the past 20 years, Canadian consumerism has reached new highs. Canadians are more in debt now than ever before. Consumption of goods obviously is a function of Canadian culture. Only by producing and selling things and services does capitalism in its present form work, and the more that is produced and the more that is purchased, the more we have progress and prosperity. In 2009, two-thirds of households had outstanding debt that averaged $114 400. Debt was higher in some regions - particularly in areas with higher housing costs. Households in BC, AB, ON owed, on average, between $124,700 and $157,700 compared to the national average of $114,400

2008-2012 Recession

kerenmwiza — 2024-01-25 00:51:57 UTC

In 2008, the United States experienced a serious financial crisis which led to the worst recession since the Great Depression in the 1930s. This financial crisis arose as a result of consumerism and a lack of regulation in some U.S. banks. The crisis spread to other nations including Canada. This was the start of the 2008–2012 global recession, also known today as the Great Recession. It became more and more difficult to sell assets for cash or to raise cash to buy assets), and even companies that had been successful in the past began to lay off employees by the hundreds.