AT A GLANCE
OUR JURISDICTIONS —
LAST UPDATED 19/02/2024
Canada is a vast country in North America, stretching from the Atlantic to the Pacific Ocean and north into the Arctic. With a stable government, skilled workforce, and high standard of living, Canada is known for its well-developed transportation system and natural resources. Its official languages are English and French, and Ottawa is the federal capital. The country is divided into 10 provinces and three territories, and its currency is the Canadian dollar (CAD).
Canada’s economy is diverse, including businesses from small enterprises to multinational corporations. Historically based on agriculture and natural resources, the country has become a top manufacturing nation and developed a significant service-based sector. The United States is Canada’s main trading partner.
Canada has abundant resources, a skilled workforce, modern infrastructure, and a strong banking system. The fluctuating oil prices have impacted the oil and gas sector and the overall economy. A lower Canadian dollar has boosted the manufacturing sector, increasing exports to the United States. The new United States-Mexico-Canada Agreement (CUSMA) has stabilized trade, but Canadian exporters still watch US policies closely.
The Canadian economy recovered quickly from the COVID-19 pandemic, with interest rates rising and relief packages ending. The country faces current challenges like labor shortages and supply chain restrictions and is expected to enter a recession in early 2023.
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