Economy

Canada back in world's top 10 economies, with room to grow: report – CTV News

Published

5 years ago

January 1, 2020

TORONTO —
Canada once again has one of the world’s 10 largest economies, according to a new report that forecasts continued economic growth powered in part by immigration over the next decade.

The latest edition of the World Economic League Table places Canada as the world’s 10th-largest economy based on its GDP of US$1.731 billion (CAD$2.251 billion) in 2019.

South Korea had edged into the top 10 at Canada’s expense, but fell back to 11th place this year due to ripple effects of the U.S.-China trade war and the downturn in the Chinese economy.

The U.K.-based Centre for Economics and Business Research, which publishes the annual table, predicted years ago that Canada would drop out of the top 10, but did not foresee its return.

In fact, as of 2016, the centre was expecting Canada’s economy to continue to slip down the ranking. Its newest projection, released Dec. 26, paints a different picture, with Canada’s economy projected to rise to the ninth-largest in the world by 2024 and No. 8 by 2029.

The centre says population growth brought on by immigration has contributed to Canada’s economic strength.

“Countries that are successful in attracting skilled migrants tend to grow faster,” reads a press release accompanying the report.

The report also details several factors weighing on the Canadian economy, including what it sees as high unemployment, a minority government potentially facing roadblocks to implementing its agenda, and the federal debt load.

Globally, the centre’s latest projection sees China eclipsing the U.S. as the world’s largest economy by 2033 — two years later than it previously predicted. Canada’s economy is expected to outpace the economies of Brazil and Italy over the next 15 years.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

9 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

16 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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