Canada's Economy is Higher than Russia, Mexico, Spain and Australia

Canada's Economy is Higher than Russia, Mexico, Spain and Australia
PART I: Introduction
Executive Summary
According to the World Economic Outlook Database, Canada holds the eighth position in the economic world rank with a Gross Domestic Product (GDP) of 2.221 trillion. This is two-thirds of the United Kingdom and France’s economy, holding sixth and seventh positions, respectively (International Monetary Fund, 2022). Canada's economy is higher than that of Russia, Mexico, Spain, and Australia. Consequently, this makes Canada the second largest economy in North America and the third largest in the Americas, behind Brazil. Consequently, it creates an exciting dynamic to understand the economic mechanics of a country bordering the largest economy in the world, the United States. It is the second and third largest economy in North and entire America, respectively.
This paper identifies and analyzes the critical macroeconomic variables defining Canada’s economy. The following objectives will guide the study:
* Identifying the key macroeconomic variables in Canada.
* Analyzing the macroeconomic variables.
* Establishing the implications from the synthesis of the analysis.
* Providing recommendations, views, and opinions on the Canadian economy.
By investigating the above objectives, the paper will present an in-depth understanding of the Canadian economy while projecting future trajectories.
The paper will be organized into four sections. The introduction section gives the study background, goals, overview, and introduction to the study area. The methodology section will provide a look into the concepts, models, and theories that will be used in the analysis approach. The section will also include a look into the data types collected and used in the study. The analysis section will include a detailed analysis and synthesis of the macroeconomic variables. The analysis and synthesis will allow for a theoretical prediction and empirical validation. The synthesis will guide the reflections in the conclusion section. The conclusion section will also include the achievements of the study, shortcomings, and implications of the findings.
Background of the Study
According to the International Monetary Fund (IMF) (2022), Canada is the eighth biggest economy on the planet, with a 2022 Gross Domestic Product of $2.221 trillion. Canada's population is approximately 39 million, which places the per capita production at $55,000. Resultantly, this is the twentieth rank globally. Canada, an oil and energy mining force, has the fourth-most elevated assessed worth of regular assets of $33.2 trillion. The country invests in mining, refining, and exporting petroleum products. The World Bank (2022) also places Canada as a low corruption zone with high trading power. Moreover, Canada has excellent ease in doing business and is ranked higher than its neighbor, the United States of America. Ultimately, Canada has a moderately low degree of pay divergence.
Canada is located in North America and spans over three domains and ten provinces. It is among the few countries with access to two oceans and three trading shores: The Atlantic and the Pacific Oceans. Canada is the second largest country, with over 9.98 million Km...