CANADA: An Ache in the Economy

Canada is rolling through an era of high prosperity, with a standard of living second only to that of the U.S. But under this surface economic health, Canada has a growing ache in the economy. The pain: the nation's income, until lately greater than outgo, is now less.*

Merchandise imports are greater than exports, and they are growing faster than exports. In particular, Canada's deficit with its biggest trading partner, the U.S., is growing. The huge flow of long-term U.S. investment, which since the war has filled the trade gap, is slackening. At the same time, outgoing dividends are increasing...

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