The Canadian economy witnessed many ups and downs from 2014 to 2017 and now there are strong indications that the economy is up for a boom in 2018. Below are the signs Canada’s economy is headed to perform well in the months to come:
1. The job market is improving
The job market’s condition is one of the major indicators of the economy of a country. The good news is that Canada’s job market is improving after almost two years. In 2017 alone, about 300,000 jobs were created. Even though a majority of the jobs created were not full-time, the economic shift is towards part-time jobs and full-time jobs are not considered desirable now.
2. Oil price is rising
The Canadian economy is strongly linked with oil price. Oil alone is a major part of the country’s economy. From 2015 to 2016, the oil prices were on a rough ride. It plunged from 100 USD a barrel to 30 USD a barrel in just one year. This fall smeared billions of dollars from the Canadian stock market. Also, jobs in the oil sector dropped equally. Fortunately, 2017 saw a steady rise in oil price. The same trend is expected to continue into 2018.
3. Trade is gaining momentum
Canada’s trade sector is witnessing an optimistic momentum. There is strong proof the manufacturing sector and commercial activities are leading to a booming economy. The country recorded a trade surplus after two years of deficit. Exports are increasing, thanks to the rise in production of quality products. The products leading the exports include aerospace parts and equipment, potash, and canola.
4. The stock market is restoring
After the plunge of the stock market due to the drop in oil price in 2015 to 2016, we are now seeing a rise in TSX. While the stock market is not yet perfect, there are optimistic signs it is recovering from the blow it received.
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