Friday, 23 April 2021

Bank of Canada governor says there are 'better times ahead'


CBC News shows that Governor of the Bank of Canada Tiff Macklem says that Canada’s economy is doing better than expected despite the pandemic in an interview with CBC senior business correspondent Peter Armstrong.

The economy of Canada is really a highly developed mixed economy. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the 3rd highest total estimated value of natural resources, valued at US$33.2 trillion in 2019. It has the world's 3rd largest proven petroleum reserves and is the 4th largest exporter of petroleum. It is also the 4th largest exporter of natural gas. Canada is considered an "energy superpower" due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.

Out of all the countries, China has the most natural resources estimated at $23 trillion. 90% of the country's resources consist of coal and rare earth metals.

Oil Reserves by Country:

# Country - Oil Reserves (barrels) in 2016 - World Share

01 Venezuela - 299,953,000,000 - 18.2%
02 Saudi Arabia - 266,578,000,000 - 16.2%
03 Canada - 170,863,000,000 - 10.4%
04 Iran - 157,530,000,000 - 9.5%
05 Iraq - 143,069,000,000 - 8.7%
06 Kuwait - 101,500,000,000 - 6.1%
07 United Arab Emirates - 97,800,000,000 - 5.9%
08 Russia - 80,000,000,000 - 4.8%
09 Libya - 48,363,000,000 - 2.9%
10 Nigeria - 37,070,000,000 - 2.2%
11 United States - 35,230,000,000 - 2.1%
12 Kazakhstan - 30,000,000,000 - 1.8%
13 Qatar - 25,244,000,000 - 1.5%
14 China - 25,132,122,000 - 1.5%
15 Brazil - 16,184,100,000 - 1.0%
16 Algeria - 12,200,000,000 - 0.7%
17 Mexico - 9,711,000,000 - 0.59%
18 Angola - 8,423,000,000 - 0.51%
19 Ecuador - 8,273,000,000 - 0.50%
20 Azerbaijan - 7,000,000,000 - 0.42%

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