The most famous economic cities in Canada
Do you know what is the most famous economic cities in Canada?
Actually, Toronto, Quebec and Vancouver are the most economic cities in Canada. And according to a list issued by Montreal Bank, the institution chose these cities based on the available employments, the savings and the individual’s account of the local production…
Economic cities in Canada – Toronto
Toronto is the commercial and economic capital of Canada. It is a financial center that is increasingly developed in north America. And it is one of the first ten financial centers in the world.
The growing of the gross domestic product in Toronto is more than the national average.
Basically, the gross domestic product has grown 2.4% annually since 2009 in comparison to the national average which is 1.8%. Also, in 2017, the GDP grew in Toronto was 3.3%.
Additionally, Toronto is able to compete in all sectors such as technology, biology. Also fashion design, green power, TV production and music.
While the industrial diversity in Toronto led to the development of many sectors and the appearance of new pioneering hybrid sectors including medical technology and dietary technique.
Economy in Quebec
Quebec is one of the most three famous economic cities in Canada. In Quebec, there is no single economic sector, for it depends on an equal scale in agriculture, technology, industry, transportation, educational services, life sciences, medical care and financial services.
During the pandemic, the economy in Quebec went through severe deterioration in aircraft, tourism and mining.
However, the negative impact on economy was somehow low, in contrast to other cities that depend on a single economy such as depending on car making in Ontario, or power industry in Alberta.
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Quebec is considered the biggest source of dairy, hydro power, toys and medicines products. These sectors are less likely to face economic recession.
In fact, more than 1.1 million workers in Quebec work in technology and science. And the best factor that attracted immigrants to Quebec is the low prices of houses in Quebec.
Other attractive things are the plenty of job opportunities 7.3% in comparison to 5.6% in Ontario.
Economy in Vancouver
The economy of Vancouver was one of the most developed one in low-carbon industries before the pandemic.
Also, the latest economic growth in Vancouver was based on technology, green economy and entertainment.
If we want to look further than the gross domestic product in considering the economic development, we can see many examples of the basic standards that contributed to the development of economy in Vancouver.
The Economy in Vancouver is variable and it comprises tourism, agriculture, growing sea animals, forests, education and technology.
Add to that, the contribution of each sector is different. For example, tourism and industry exist in all regions, while technology is centered in the Capital city and sometimes in Nanaimo.
Agriculture also exists in Comox valley in the south while sea creature growing is in the western coast and in the north.
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Toronto is the best economic city in Canada.