We’ve all seen just how much the Canadian economy has been suffering over the past years alongside America. But recently the American economy has been soaring back up to the place it had been before, while Canada has been left behind quite a bit. Luckily thanks to a recent poll conducted on a number of economic forecasters it did seem that with more exports being done between the US and Canada, we are seeing a greater significance to the Canadian economy once again. This is so much the case that if the US were to see a hit to their economic growth in the next year, it could impact Canada just as much.
Still exports have seen a massive increase between Canada and the US, which is really what saved the economy, and continues to raise it back up. Companies able to traverse between the two countries have also provided the kind of growth that hopefully continues for some time. It also shows just how much the economies in both countries have improved when exports and imports can circulate between them so well.
Previously exporters had to worry about competitors from other parts of the world who were cheaper, the weak market where no one wanted to buy or ship anything and a drop in the currency for America, which meant poorer buying for Canada’s close neighbor. All of that has changed around now though, and while consumer spending within Canada has seen a drop in the last year, it was so high before that it was the reason Canada saw an improved economy before America at first. That means there’s little worry about the consumer spending, now that exports are assisting as well.
Unfortunately the consumer-spending drop could also result in housing costs dropping once again which could spell problems for the whole of the Canadian housing market in the long run. For now, the economy is doing well, so hopefully it just keeps soaring like it has with all the improvements!