Canada Economy: A Simple Overview

According to the IMF, Canada economy grew 1.6% in 2019. Due to the COVID-19 outbreak, the Canada economy is contracted by 6.2% in 2020. Canada’s economic future will pick up in 2021 with a GDP growth of 4.2%. This is subject to the post-pandemic global economic recovery. The central bank and other federal and provincial governments have responded quickly to the pandemic crisis. They have led the way by giving significant monetary and support. Canada’s economy has seen growth after 2020. The government has taken significant effective steps to lessen the impact of coronavirus on the current economy of Canada and society as a whole. 

The federal government has launched the Canada Emergency Response Benefit (CERB) to provide immediate income support to people in Canada who have been affected by pandemic. The government has taken effective measures to see Canada’s economic growth rate. International students who meet the eligibility criteria of CERB can also receive income support. 

What does this mean for International Students?

International students are extremely important to Canada economy. They help in increasing Canada economy growth rate. The 6,40,000 strong international students community in Canada and also create a diverse environment on campuses across the country. The international students contribute approximately $22 billion CAD to the Canadian economy. They also support Canadian economic growth with 2,00,000 jobs. 

Canada’s economic future and growth is going to be high when compared to the current economy of Canada. The Canadian economy will see a lot of ups and down. The Trudeau government has relaxed policies concerning immigrants, so the permanent residency process should remain the same and the intake of highly skilled workers should stay the same or increase. 

Economic growth in Canada slowed down in the year 2019 as the growth rate comes down to 0.3 percent. Experts have anticipated improvement in 2020 but the pandemic has given a serious blow to Canada economy. Health education, internet, telecom, tourism and aerospace engineering are some of the prominent sectors of the Canadian Economy.  

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