Canada
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A land of vast distances and rich natural resources, Canada became a self-governing dominion in 1867 while retaining ties to the British crown. Economically and technologically the nation has developed in parallel with the US, its neighbor to the south across an unfortified border. Canada faces the political challenges of meeting public demands for quality improvements in health care and education services, as well as responding to separatist concerns in predominantly francophone Quebec. Canada also aims to develop its diverse energy resources while maintaining its commitment to the environment.
Top-notch fiscal management has produced consecutive balanced budgets since 1997, although public debate continues over the equitable distribution of federal funds to the Canadian provinces. Exports account for roughly a third of GDP. Canada enjoys a substantial trade surplus with its principal trading partner, the US, which absorbs 80% of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. During 2007, Canada enjoyed good economic growth, moderate inflation, and the lowest unemployment rate in more than three decades. Managed maritime boundary disputes with the US at Dixon Entrance, Beaufort Sea, Strait of Juan de Fuca, and the Gulf of Maine including the disputed Machias Seal Island and North Rock; Canada, the US, and other countries dispute the status of the Northwest Passage; US works closely with Canada to intensify security measures for monitoring and controlling legal and illegal movement of people, transport, and commodities across the international border; sovereignty dispute with Denmark over Hans Island in the Kennedy Channel between Ellesmere Island and Greenland; commencing the collection of technical evidence for submission to the Commission on the Limits of the Continental Shelf in support of claims for continental shelf beyond 200 nautical miles from its declared baselines in the Arctic, as stipulated in Article 76, paragraph 8, of the United Nations Convention on the Law of the Sea . Source: The World Factbook, CIA. |
As
an affluent, high-tech industrial society in the trillion-dollar class, Canada
resembles the US in its market-oriented economic system, pattern of production,
and affluent living standards. Since World War II, the impressive growth of the
manufacturing, mining, and service sectors has transformed the nation from a
largely rural economy into one primarily industrial and urban. The 1989
US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade
Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in
trade and economic integration with the US. Given its great natural resources,
skilled labor force, and modern capital plant, Canada enjoys solid economic
prospects.