Mortgage Logic

13 Cents Can Be a Lot of Money

People will often wonder why the US has such a big impact on Canada’s economy. Here in a few short words Peter Hall, Chief Economist of EDC sums it up from a global perspective:

Per capita, American consumers are among the richest in the world, operating in the planet's top domestic market. Consumers account for about 60 per cent of GDP in other OECD countries, but in America, their share is a massive 70 per cent. Given that the US kicks in about 19 per cent of global GDP, US consumers directly account for 13 cents of every dollar that circulates globally.

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