Canadian Economy Benefits from Oil and Wheat Demand
Many countries are facing lower growth in their economy, but with Canada the opposite is true. The country’s fortune is getting more buoyant with each passing day. This good news is due to Canada’s position as the world’s 4th largest wheat exporter and oil producer. Moreover, about 10% of Canada’s economy comes from commodities.
Canada exports the “basket” of goods that Russia and Ukraine export. Pedro Antunes, the chief economist at the Conference Board of Canada, gave this report.
Due to these features, Canadian Visa Professionals said that Canada is prosperous enough to support its residents’ quality of life.
Canada’s Economy Versus Some Other Countries
Ukraine’s wheat stockpiles got stranded when Russia invaded the country in February 2022. In the same vein, the Western countries sanctioned Russia’s crude oil exports due to its invasion of Ukraine. All of this resulted in worldwide shortages and surging commodity prices. This phenomenon and other factors made central banks increase interest rates to stem inflation.
As a result, many countries are facing unexpected lower economic growth this year.
In all, many G7-rich nations are undergoing an economic storm. This unpalatable situation is making these nations likely to go into recession. Canadian Visa Professionals reported, however, that Canada, a great commodities exporter, is weathering the economic storm effectively, according to news reports.