Report by Canada

Canada’s 2007 Report to the Trade Policy Review Mechanism, which covered the period 2003 to February 2007, told a story of an expanding and energized economy in a relatively stable global economic environment. In the current period under the review (2007-2010), the global financial and economic crisis of late 2007 to 2009 posed significant challenges to the Canadian economy, although it has generally proven to be robust and has rebounded solidly. This global crisisled to a sharp decline in global trade, reduced Canadian exports and weakened business and consumer confidence, significantly lowering employment and output. Employment in Canada fell by 427,900 during that period, the unemployment rate rose to 8.7 percent, and real gross domestic product (GDP) declined by 3.4 percent before recovery gained a foothold in the second half of 2009. Canada has more than recouped all of the loss in output experienced during the recession – the best performance in the G-7. Furthermore, Canada has more than recovered all of the jobs lost during the recession, with some 467,300 jobs having been created between July 2009 and January 2011.