Over past few year, Canada has experienced over 227% grown in its manufacturing sector. Canadian manufacturing industry produces over 21 industry products that are produced for consumers as well as specialized use. It forms the largest portion of the country Gross Domestic Product.
There are several factors that have contributed to the substantial increase in the Manufacturing industry of the country. Past decade has been very harsh for largest economies around the world, where giant companies toppled due to the lack of growth and profitability and some of those countries are still struggling to create a safer environment for investors and attract more customers. Canada being a country with very high skill labor and great monetary policy is a breeding ground for budding industries, who want to expand their operations and grow big, therefore a lot of companies have shifted their headquarters and moved to a much more lucrative grounds of Canada.
Booming industry has several benefits for the local populace, more business coming in the country translates to more job and increase in par capital income, which in turn increases the disposable income of the country attracting more products and creating an environment of financial boom in the market. After 2013 Canadian economy has significantly recovered itself and created an environment where businesses can thrive. Therefore organizations large and small are flocking into Canadian market to carve a good share of the market for themselves.
Canada also possesses one of the most booming populations in the world. Most of the established countries in the world have very old population due to decreased number of marriages but Canada has very lenient policies for immigrants and has opened its country for skilled individuals across the globe, creating a large product based demand in the local market that has attracted several industries back in the country.
Analysts believe that the Manufacturing industry would continue to grow and attract more business in the local market. The government has also been working on lenient taxation and borrowing policies that would add fuel to an already booming industry. In a few years, Canada could become one of the largest manufacturer for different products in the market if local industry continue to grow at such a pace.
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