Canada’s Economy Casts a Long Shadow Over its U.S. Counterpart
July 21, 2010 at 06:00 AM EDT
Canada's economy has consistently outperformed that of the United States since the beginning of the financial crisis. And while it's showing signs of slowing down, Canada's pending decline will be far shallower than that of the United States, and its rebound more dynamic. Canada's gross domestic product (GDP) expanded by 6.1% in the first quarter of the year - the highest rate of growth among developed nations - and the country is expected to lead Group Seven (G7) nations in economic growth for at least the next two years. The reasons are many: Canada's banking system is sound. It has a generous bounty of resources. Its economy is more service-based than it's been in years past. Corporate interests have less influence over government policy. And it has far less government debt.