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Real GDP In Canada And Denmark: A Case Study

691 Words3 Pages

The figure above indicates the growth rate of real GDP in Canada and Denmark between 1986 until 2013. Gross Domestic Product (GDP) defined as the total market value of all final good and services have been produced within a country in a given time period. In 1986, the growth rate of GDP in Canada was 2.20% and it kept increased until 4.74% in 1988. These situations happened because the total value of exports kept increasing such as the production of automobiles, machinery and equipment and electronic equipment. It illustrated that the adoption of new production processes especially the use of imported parts in plants that have a demand for global production. Unfortunately, there was a decrease in growth rate in Denmark from 1986 until 1988, …show more content…

It reflected that Canadian economy was facing a recession in the second quarter of 1990, which was a period of slow growth rate over the previous year. The recession caused the consumers spent less in their expenses, plant layoffs and closings, numbers of bankruptcies and low wage rate. Low wage rate led to the high unemployment rate and lots of citizens will lost their jobs. At the same time, Denmark also experienced with an economic crisis with hyperinflation, large fiscal deficits and high unemployment rate. The growth rate of Denmark was slightly disparity in 1990s due to the economy recession did not have big influence to …show more content…

For Canada, there was an up and down trends from 2.74% (1995) rose to 5.12% (2000) and dropped again to 3.16% (2005). Simultaneously, Denmark also faced the similar situation which was 3.07% (1995) increased to 3.75% (2000) and declined to 2.44% in 2005. In 2009, the economy growth rate of Canada dropped sharply from 2.62% (2006) to deficit 2.71% (2009). The global economic recession had a distinct effect on the Canadian economy across all the states. Furthermore, Denmark was one of the countries which faced the economy recession, as a sharp housing market correction. The deflation of house prices connected to the bankruptcy of small lenders and led to a steep fall in domestic demand as the private sector started deleveraging. Denmark was experienced with a slow recovery since the deep recession in

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