| The falling price of oil threatens to thump parts of Canada, whose fortunes are the most tied to oil of any Group of Seven country. But oil’s swoon isn’t all bad news for a country that has the world’s third-biggest oil reserve, underscoring the complex role the resource can play in a modern economy.
An estimated 7.5% of Canada’s gross domestic product is directly tied up in the oil sector. A sustained fall in the commodity’s price would hit government coffers, corporate profits and investment spending. A pullback in the country’s oil patch would cost jobs and could knock a housing market that some analysts say is overvalued...............................................Full Article: Source
|