International Economics

Economic Overview As an affluent, high-tech industrial society, Canada today closely resembles the US in its market-oriented economic system, pattern of production, and high 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. Canada and the United States enjoy an economic partnership unique in the contemporary world. They share the world's largest and …

…in telecommunications and industrial equipment. Growth in non-residential structures slowed to less than 1 percent from over 5 percent in 2000. And inventory disinvestment contributed to the slowdown. Residential investment, on the other hand, surged, spurred on by declining interest rates during the year. Consumer expenditure growth weakened to 2.5 percent in 2001 from a 3.6 percent gain in 2000. This slowing was widespread among goods and services categories. However, growth in the fourth quarter of 2001 rebounded, with widespread strength in goods.