What type of economic system does Canada have?
Canada is one of the wealthiest nations, and its economy
is the 10th largest in the world. The country is a member of the Group of Eight, the Organization for Economic Co-operation and Development, Asia Pacific Economic Development, and other organizations. Its economy
is dominated by the tertiary or service sector, while the oil and logging industries are among Canada’s most important. The country has a sizeable manufacturing industry, with the aircraft and automobile industry being particularly important.
Canada has a diverse economy, and the key industries are agriculture, manufacturing, energy, and the service sector. Other industry sectors of importance include environmental technologies, renewable energy, wireless communications, chemicals, biopharmaceuticals, and others. Canada expands and develops different sources of renewable energy, including bioenergy, solar, and wind energy. The country is a global leader in solar-power commercialization, development, and research. Canada also develops waste-to-energy and biogas technologies and wind-power generation projects.
The plastics sector is a multi-faceted and sophisticated sector which encompasses synthetic resins, machinery and moulds, and plastic products. Canadian companies have expertise in extruders for corrugated pipe, thermoforming machinery, high-quality injection moulding, and other products. The country is also a global producer of machinery and equipment, and its expertise spans a variety of subsectors, including oil and natural gas
drilling equipment, mining equipment, metalworking machinery, and agricultural machinery.
The aerospace and defence sectors are well-developed, and the country’s aerospace industry is the world’s fifth, after the United States, the United Kingdom, France, and Germany. The aerospace industry supplies gas-turbine engines, visual simulators, business and regional aircraft, etc.
The country is a leader in wireless technologies, and Canadian companies operate in areas such as RFID, WiMAX, WiFi, fibre-optics, satellite and broadband applications. Major international telecom companies have presence in Canada, including Huawei, Nokia, and Alcatel-Lucent. Active research and development in next generation amplifiers and nanomaterials is also underway in the country. Technological advances will enable reductions in power consumption, weight, and size for wireless equipment.
also has a competitive and expanding food processing sector and is world-renowned for its high quality wheat and grain products. The country is a key exporter of agricultural products, mainly to Asia and the US. The food distribution sector in the country is complex and large. It includes fast food operations, restaurants, grocery stores and supermarkets, as well as brokers, distributors, and wholesalers. The beverage and food processing industry is the 2nd largest industrial sector in Canada, accounting for 12 percent of all manufacturing shipments. Canadian companies produce beef, fish and seafood products, processed fruits and vegetables, wine, beer, and other products. Canada produces healthy, natural, and pure organic foods because of the combination of fertile and large land base and cold climate that reduces disease and pest problems. The country also exports the full range of processed, frozen, and fresh organic foods, including breakfast cereals, nut butters, fruit smoothies, and fruit juices and fruits. Processed products and organic foods are produced without the use of genetic engineering, chemical fertilizers, and synthetic pesticides. Organic products are mainly exported to Japan, the European Union, and the United States.
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