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. World Economic Outlook, October 2020: A Long and Difficult Ascent October 7, 2020 Description: The global economy is climbing out from the depths to which it had plummeted during the Great Lockdown in April. Canada has moved up two notches to 13th position in the latest Global Competitiveness Report issued Wednesday by the Geneva-based World Economic Forum. A FAQ is available.. Only authors registered with the RePEc Author Service are considered. These economic complexity rankings use 6 digit exports classified according to the HS96 classification. While the service sector is Canada’s biggest economic driver, the country is a significant exporter of energy, food and minerals. Despite everything that is still going on across the world, the country can still pull out a win. TORONTO -- Services contribute 69.8% to the GDP followed by industry at 28.5% and agriculture at 1.7%. Canada's economy in 2020 just beat the United States for the first time ever. This page is part of a larger set of rankings for research items, serials, authors and institutions made available on this site. By 2050 Canada’s economy is projected to grow to USD 3.1 trillion — ranking 16 th among the biggest economies in the world. A check-in on the public mood of Canadians with hosts Michael Stittle and Nik Nanos. Canada’s economy is expected to outpace the economies of Brazil and Italy over the next 15 years. Canada has one of the highest levels of economic freedom in the world. 12 on the World Economic League Table by 2030 – when the United States will drop to No. The ranking – which is compiled by IMD – shows Canada in 13th place in 2019, down from 10th place in 2018. Canada also has the world’s third-largest proven petroleum reserves and is the fourth largest exporter of petroleum. Canada has fallen three spots in the world economic competitiveness ranking. 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. Canada has the tenth-largest economy in the world with a nominal GDP of $1.73 … Canada is only one spot above China – a centrally-run Communist State. Qatar, Luxembourg, and Ireland are now ahead of Canada. But the annual World Economic League Table from the London-based Centre for Economics and Business Research (Cebr) shows Canada has regained … What this page is about. Canada from The World Bank: Data. All institutions in this region. CTVNews.ca Writer, A Canadian flag blows in front of the Peace Tower on Parliament Hill in Ottawa. 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 trillion (CAD$2.251 trillion) in 2019. Canada’s economic freedom score is 78.2, making its economy the 9th freest in the 2020 Index. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. 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. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Finance Minister Joe Oliver today welcomed the World Economic Forum rating of Canada’s banking system as the soundest in the world for the seventh year in a row in its annual Global Competitiveness Report—further bolstering Canada’s international economic success story. Germany (4,15), Canada (9,18), Australia (13,10), Netherlands (17,11), and Switzerland (18,2) are in the top twenty list of GDP and GDP per capita ranking. Canada's economy could be overtaken by the likes of Egypt, Nigeria and Pakistan by the year 2050, as the new global economic order begins to take shape. 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. Rankings for research items, serials, authors and institutions made available on this site projected! As theirs by registered authors are counted and 12.9 % of the Canadian force. 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