Mention latest changes in economies of different countries whose classification is on the following basis:
Advanced economies: post-industrial countries characterized by high per-capita income, highly competitive industries, and well-developed commercial infrastructure. E.g. Australia, Canada, Japan, United States and Western European countries.
Developing economies: low-income countries characterized by limited industrialization and stagnant economies. E.g., most low income countries in Africa, Latin America, and Asia, such as Bangladesh, Nicaragua and Zaire.
Emerging market economies: a subset of former developing economies that have achieved substantial industrialization, modernization, improved living standards, and remarkable economic growth. They are some 27 countries in East and South Asia, Latin America, Middle East and Eastern Europe. Examples: Brazil, Russia, India, China.
There are numerous factors that are considered while analyzing the economies of different countries. And these factors highly affect the conditions and structure in the economies of the countries. The factors could be per-capita income, infrastructure, industrialization, standard of living, education, literacy rate, etc.
On the basis of these factors, there are basically 3 main classifications of the economies: * Advanced or Developed economies:
It consists of high per-capita income, high degree of industrialization, high living standards, and highly competitive industries.
* Developing economies
They have limited industrialization and low income countries.
* Emerging market economies
These are the subset of developing economies having substantial industrialization.
The economic freedom score of Hong Kong is 79.9, making its economy the 6th freest economy in the 2012 Index. Its overall score is 0.9 point lower than the last year’s score. This is because of the worsening scores for government size and the monetary freedom. Though it has dropped just below the cut off for characterization as a free economy, Canada is still the freest economy in North America region. The foundations of economic freedom are very strong in Canada.
Its economy has emerged from the global economic slowdown. The steady reduction in the rate of standard corporate tax in the past three years has also contributed to Canada’s competitiveness.
Canada has a population of 34.4 million. The unemployment rate of Canada is 8% and the inflation rate is 1.4%. Canada has seen a growth of 3.1% in the GDP and has a per capita income of $39,057. Its FDI inflow is $23.4 billion.
Canada has a multi-ethnic population that is governed under the federal democratic system which provides substantial provincial and territorial autonomy. The Prime Minister of Canada, Stephen Harper won a second term in May 2011 as his Conservative Party gained a solid majority in Parliament. He aims at lower taxes, a strong defense and fighting crime. Canada is a party to the North American Free Trade Agreement which connects 450 million people in an economic area, thereby, producing about one-third of the world’s GDP. Canada is a major producer of oils, automobiles, minerals, manufactured goods and forest products.
The following diagram shows the country’s score over the past 5 years.
Rule of Law
The foundations of Canada’s economic freedom are solid. Proper protection of private property is provided, and an independent and transparent judicial system is firmly in place. There is secure contract enforcement, and expropriation is highly illegal. Protection of intellectual property rights is consistent with world standards. Effective anti corruption measures are adopted to discourage bribery of public officials and maintain a clean government.
| Score| Increase/Decrease from Last Year|
Property Rights| 90| Unchanged|
Freedom from Corruption| 89| Increased|