Forbes released its annual 'Best Countries for Business' list this week, and Canada ranks No. 1.
Looking at 11 factors for 134 countries, Forbes Magazine considered property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance. Canada maintains numerous strengths, and Forbes magazine describes Canada as:
"As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. During 2010, Canada's economy grew only 3%, due to decreased global demand and a highly valued Canadian dollar."
Canada was the only country that ranked in the top 20 for 10 of the 11 metrics, used to evaluate the best countries. Referencing research and published reports from the Central Intelligence Agency, Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, the World Bank and World Economic Forum, Forbes considered property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance to develop their ranking system.
Utilizing trade agreements like the North American Free Trade Agreement (NAFTA), Canada has become an important supplier to the U.S.A.; with, three-quarters of all exports going to the U.S. each year.
Strong banks and conservative lending practices helped Canada skirt the banking meltdown that plagued the U.S.A. and Europe. During the financial crises that started in 2007, Canada’s economy held up better than most. The $1.6 trillion economy is the ninth biggest in the world and grew 3.1% last year. It is expected to expand 2.4% in 2011, according to the Royal Bank of Canada.
While many other flash drive manufactures have folded under the pressure of the global economic recession, PromoKeyChain.com has continued to expand it's global market and exceed the growing production demands. Headquartered in Canada (just outside of Vancouver, BC) and dealing closely with local credit union bank VanCity, PromoKeyChain.com has been able to meet the global recession head-on with profit and growth.
