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Canada
High interest rates to weigh on the economy in 2024
AA1
LOW RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in January 2024.
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GDP | USD 2139.8bn (World ranking 9, World Bank 2022) |
Population | 38.9mn (World ranking 37, World Bank 2022) |
Form of state |
Constitutional parliamentary monarchy |
Head of government | Justin Trudeau (PM) |
Next elections | 2025, legislative |
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- Canada has experienced robust job creation, with an average of 40k new jobs per month, signaling strength in the labor market
- The country boasts a stable business and political landscape with well-managed fiscal and monetary policies
- Despite facing economic challenges, Canada has historically showed resilience, with a well-managed economy and a history of maintaining a balanced fiscal and monetary approach
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- Aggressive interest rate hikes by the Bank of Canada have successfully curbed inflation but have simultaneously slowed economic growth, projecting a weak GDP growth for 2024
- Soaring housing prices, coupled with high mortgage rates and decreased activity, present challenges in the housing market, potentially impacting economic growth
- Inflation’s cumulative effects have outpaced wage growth, impacting consumers’ purchasing power. The dwindling personal savings and reluctance to take on more debt pose challenges for sustaining consumer spending, a significant driver of economic activity
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
United States
77%
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1 |
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China
3.7%
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2 |
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United Kingdom
2.3%
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3 |
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Japan
2.3%
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4 |
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Mexico
1.2%
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5 |
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Trade structure by product
(% of total, annual 2021)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
23.7%
|
1 |
13.5%
Road vehicles
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Road vehicles
8.2%
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2 |
6.7%
Petroleum, petroleum products and related materials
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Gas, natural and manufactured
3.9%
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3 |
5.5%
Other industrial machinery and parts
|
Non-ferrous metals
3.7%
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4 |
5.0%
Electrical machinery, apparatus and appliances, n.e.s.
|
Metalliferous ores and metal scrap
3.3%
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5 |
3.9%
Telecommunication and sound recording apparatus
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Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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