Summary:
It is now very apparent that Canada is emerging from the recession. The cities that lead this recovery are Vancouver, Toronto, and Hamilton. Paris-based Organisation for Economic Co-operation and Development forecasted that Canada will more than triple the growth rate than the other G7 countries. Due to the Olympics that took place in Vancouver, it has substantially contributed to Canada's economic growth. Toronto and Hamilton trail behind Vancouver because now they're starting to expand in manufacturing. In addition to that, the upcoming Canadian Grand Prix Race to Montreal will also create services and expand manufacturing in the hosting city.
Connection:
All these factors such as increased services, manufacturing, etc. will ultimately lead to an increased GDP growth rate. An indicator of this is employment. For example, the return of the Canadian Grand Prix race will lead to many jobs opening up. As these services becomes available upon the race's arrival, people around the globe will go to visit and inevitably spend money there. By spending money there, taxes will be collected which contribute to funding of schools, hospitals, retirements homes, etc. All of these things will contribute to increasing GDP growth.
Reflection:
I believe that out of all the factors that contributed to our rapid recovery from the recession is the Olympics, and in a broader view, employment. The Olympics created many job opportunities and the positions were filled with ease. As employment increases, so will income and GDP per capita. By having an increase in income, more consumers will readily spend money and by doing so, support the economy by paying taxes. Another source of employment increase lies in manufacturing which can be seen expanding in Toronto and Hamilton. Manufacturing probably has more long-term benefits than the Olympics. If more cities were following Toronto and Hamilton's lead, then our GDP growth will continue to surpass the growth of other G7 countries.
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