Chapter 5 -Media Article
"Population vs. economic growth"
The National Post -Tuesday, March 13, 2007
Newfoundland and Labrador and Saskatchewan are the two provinces in Canada to experience "massive gains" for their real gross domestic product per capita. This is the result of quickly raising prices of their resources. Between 2001 and 2006, Newfoundland and Labrador had a growth of 27.9% for their real GDP. On the other hand, Saskatchewan had 14.3%. Saskatchewan's growth may seem low, but compared to Canada's overall real GDP per capital growth of 8.7%, Saskatchewan did really well during those five years.
For Newfoundland and Labrador, its natural resources of oil and gas helped increase this province's GDP.
Despite doing well, Newfoundland and Labrador and Saskatchewan is facing its own problems. They are losing their "best and brightest" current and potential employees to other parts of Canada. Provinces such as Ontario and Quebec may be more attractive to Canadian citizens, but its GDP growth is at a measly 5.3% and 6.2% respectively due to its lack of natural resources (compared to Alberta and Newfoundland and Labrador). Another reason is due to the international immigration lag. That's to say, Ontario and Quebec's population growth is largely due to immigration. Immigrants to Canada require time to adapt to the country whether it's language barriers, troubles finding work, or taking courses that are accepted in Canada (some licenses and certificates from other countries may not be recognized in Canada).
Relationship to Ch.5-Gross Domestic Product
Gross Domestic Product, commonly known as GDP, refers to the the annual value of goods and services produced in a country. The reason that Newfoundland and Labrador and Saskatchewan is doing well according to its GDP is due to their natural resources of oil and natural gas. Although they don't exceed Alberta's production levels. From what we are learning now, we understand that despite Newfoundland and Labrador and Saskatchewan's high GDP levels, we cannot say that their standard of living is good. Gross domestic product of an area doesn't conclude as a reliable indication of the standard of living in Canada. Standard of living can only improve if GDP increases at a faster rate compared to the population. Another "if" is that GDP must be compared to the increase of prices.
From this, I believe that Newfoundland and Labrador and Saskatchewan have good standard of living in Canada because their population is increasing at a lower rate than their booming real gross domestic product per capita.
The National Post -Tuesday, March 13, 2007
Newfoundland and Labrador and Saskatchewan are the two provinces in Canada to experience "massive gains" for their real gross domestic product per capita. This is the result of quickly raising prices of their resources. Between 2001 and 2006, Newfoundland and Labrador had a growth of 27.9% for their real GDP. On the other hand, Saskatchewan had 14.3%. Saskatchewan's growth may seem low, but compared to Canada's overall real GDP per capital growth of 8.7%, Saskatchewan did really well during those five years.
For Newfoundland and Labrador, its natural resources of oil and gas helped increase this province's GDP.
Despite doing well, Newfoundland and Labrador and Saskatchewan is facing its own problems. They are losing their "best and brightest" current and potential employees to other parts of Canada. Provinces such as Ontario and Quebec may be more attractive to Canadian citizens, but its GDP growth is at a measly 5.3% and 6.2% respectively due to its lack of natural resources (compared to Alberta and Newfoundland and Labrador). Another reason is due to the international immigration lag. That's to say, Ontario and Quebec's population growth is largely due to immigration. Immigrants to Canada require time to adapt to the country whether it's language barriers, troubles finding work, or taking courses that are accepted in Canada (some licenses and certificates from other countries may not be recognized in Canada).
Relationship to Ch.5-Gross Domestic Product
Gross Domestic Product, commonly known as GDP, refers to the the annual value of goods and services produced in a country. The reason that Newfoundland and Labrador and Saskatchewan is doing well according to its GDP is due to their natural resources of oil and natural gas. Although they don't exceed Alberta's production levels. From what we are learning now, we understand that despite Newfoundland and Labrador and Saskatchewan's high GDP levels, we cannot say that their standard of living is good. Gross domestic product of an area doesn't conclude as a reliable indication of the standard of living in Canada. Standard of living can only improve if GDP increases at a faster rate compared to the population. Another "if" is that GDP must be compared to the increase of prices.
From this, I believe that Newfoundland and Labrador and Saskatchewan have good standard of living in Canada because their population is increasing at a lower rate than their booming real gross domestic product per capita.
posted by Pattie at
8:46 PM
2 Comments:
Yeah I agree, just because some provinces with higher GDP increases doesnt make them an overall winning province. I think you made a good point when you compaired it to the rest of Canada and Canadas overall GDP increase.
By
Junner, at 8:04 PM
I think that you make a really good point when you note that Newfoundland and Labrador and Saskatchewan have a population that's growing slower than the real GDP per capita, therefore have a good standard of living. This may not nescessarily be true though, because there are many other factors that could affect this, and doesn't show how individuals are, so it may not be correct to say that they (as in everyone) have a good standard of living.
I also think that it's interesting to point out that the places you mentioned are doing well because of their natural resources. If they don't take care of their resources, they may run out, which could potentially ruin their economy. This of course would decrease their GDP. In this way, it's a bit risky to depend on natural resources as a major source of economic stability.
By
sze mae, at 11:46 PM
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