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37
ing securities resulted in an outflow of $17.9
continue to be unable, to buy dollar products
million in 1948.
on a scale commensurate with that of prewar
Although very small in 1948, Canada's
days. Some re-direction of Canadian trade
total postwar contribution to world recovery
therefore is essential, some careful attention
through gifts, loans, credits, and relief has
to the means of holding old and discovering
been approximately $2,000,000,000, of which
new markets, and perhaps also some general
the largest loan was to the UK in the amount
re-fashioning of the economy in such a way
of $1,250 million. On a per capita basis this
as to be less dependent upon foreign trade.
was greater than the US contribution.
This re-direction has in fact already begun,
with the restriction of imports from and in-
8. Economic Outlook.
crease of exports to the US and the stimula-
tion (as yet rather slight) of imports from
Some aspects of economic activity in Can-
the UK. What is perhaps even more signifi-
ada show definite signs of decline from the
cant is the increase in national self-sufficiency
extreme postwar peak of prosperity achieved
through greater diversification of domestic in-
in 1948. This decline has caused concern in
dustrial activity. With its great wealth of
some industries, and has induced caution
untapped natural resources, the prevailing
among Canadian businessmen, yet there is
high standard of living coupled with its ca-
no reason to expect serious difficulties in the
pacity to absorb immigrants, economic ex-
near future.
pansion will probably be greater in Canada
Canada's problem, like that of most nations,
than in most other countries. The transition
is to adjust its economy to the altered world
to a new pattern, however, cannot be alto-
trading situation of the mid-twentieth cen-
gether easy; increased dependence on the US
tury. As explained above, the established
market, for example, means increased sensi-
pattern was for Canada to sell its products
tivity to fluctuations in the US economy. The
extensively in Europe, especially in the UK,
standard of living in Canada, high as it is,
and to buy extensively from the US, and the
may be subject to downward adjustment if
ample flow of this foreign trade was vital to
the level of foreign trade declines. Despite
the Canadian economic system. But Canada
these things, few countries in the world have
is a hard-currency country and the nations
SO many sound reasons for viewing the eco-
of Europe are now unable, and seem likely to
nomic future with optimism.
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"ocrText": "37\ning securities resulted in an outflow of $17.9\ncontinue to be unable, to buy dollar products\nmillion in 1948.\non a scale commensurate with that of prewar\nAlthough very small in 1948, Canada's\ndays. Some re-direction of Canadian trade\ntotal postwar contribution to world recovery\ntherefore is essential, some careful attention\nthrough gifts, loans, credits, and relief has\nto the means of holding old and discovering\nbeen approximately $2,000,000,000, of which\nnew markets, and perhaps also some general\nthe largest loan was to the UK in the amount\nre-fashioning of the economy in such a way\nof $1,250 million. On a per capita basis this\nas to be less dependent upon foreign trade.\nwas greater than the US contribution.\nThis re-direction has in fact already begun,\nwith the restriction of imports from and in-\n8. Economic Outlook.\ncrease of exports to the US and the stimula-\ntion (as yet rather slight) of imports from\nSome aspects of economic activity in Can-\nthe UK. What is perhaps even more signifi-\nada show definite signs of decline from the\ncant is the increase in national self-sufficiency\nextreme postwar peak of prosperity achieved\nthrough greater diversification of domestic in-\nin 1948. This decline has caused concern in\ndustrial activity. With its great wealth of\nsome industries, and has induced caution\nuntapped natural resources, the prevailing\namong Canadian businessmen, yet there is\nhigh standard of living coupled with its ca-\nno reason to expect serious difficulties in the\npacity to absorb immigrants, economic ex-\nnear future.\npansion will probably be greater in Canada\nCanada's problem, like that of most nations,\nthan in most other countries. The transition\nis to adjust its economy to the altered world\nto a new pattern, however, cannot be alto-\ntrading situation of the mid-twentieth cen-\ngether easy; increased dependence on the US\ntury. As explained above, the established\nmarket, for example, means increased sensi-\npattern was for Canada to sell its products\ntivity to fluctuations in the US economy. The\nextensively in Europe, especially in the UK,\nstandard of living in Canada, high as it is,\nand to buy extensively from the US, and the\nmay be subject to downward adjustment if\nample flow of this foreign trade was vital to\nthe level of foreign trade declines. Despite\nthe Canadian economic system. But Canada\nthese things, few countries in the world have\nis a hard-currency country and the nations\nSO many sound reasons for viewing the eco-\nof Europe are now unable, and seem likely to\nnomic future with optimism."
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