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Why Canada: Canada is one of the world's wealhiest nations, with a high per-capita income and a member of the G8. Since the early 1990s, the Canadian economy has been growing rapidly with low unemployment and large government surpluses on the federal level. Today Canada closely resembles the US in its market-oriented economic system, pattern of production, and high living standards. As of October 2007, Canada's national unemployment rate of 5.9% is its lowest in 33 years.
In the past century, the growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. As with other first world nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians.
Since 2001, Canada has successfully avoided economic recession and has maintained the best overall economic performance in the G8. Since the mid-1990s, Canada's federal government has posted annual budgetary surpluses and has steadily paid down the national debt.
Why England: England's economy is the second largest in Europe and the fifth largest in the world. England's economy is the largest of the four economies of the United Kingdom, with 100 of Europe's 500 largest corporations based in London. As part of the United Kingdom, England is a major centre of world economics. One of the world's most highly industrialised countries, England is a leader in the chemical and pharmaceutical sectors and in key technical industries, particularly aerospace, the arms industry and the manufacturing side of the software industry.
London is also home to the London Stock Exchange, the main stock exchange in the UK and the largest in Europe. London is one of the international leaders in finance and the largest financial centre in Europe.
Traditional manufacturing industries have declined sharply in England in recent decades, as they have in the United Kingdom as a whole. At the same time, service industries have grown in importance. For example, tourism is the sixth largest industry in the UK, contributing 76 billion pounds to the economy. It employs 1,800,000 full-time equivalent people—6.1% of the working population (2002 figures). The largest centre for tourism is London, which attracts millions of international tourists every year.
Why India: For most of its post-independence history, India adhered to a quasi-socialist approach with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since 1991, India has gradually opened up its markets through economic reforms and reduced government controls on foreign trade and investment. Foreign exchange reserves have risen from US$5.8 billion in March 1991 to US$300 billion in March, 2008, while federal and state budget deficits have decreased. With a GDP growth rate of 9.4% in 2006-07, the economy is among the fastest growing in the world.
India has the world's second largest labour force, with 516.3 million people, 60% of whom are employed in agriculture and related industries; 28% in services and related industries; and 12% in industry. Major industries include automobiles, cement, chemicals, consumer electronics, food processing, machinery, mining, petroleum, pharmaceuticals, steel, transportation equipment, and textiles.
More recently, India has capitalised on its large pool of educated, English-speaking people, and trained professionals to become an important outsourcing destination for multinational corporations and a popular destination for medical tourism. India has also become a major exporter of software as well as financial, research, and technological services. Its natural resources include arable land, bauxite, chromite, coal, diamonds, iron ore, limestone, manganese, mica, natural gas, petroleum, and titanium ore.
In 2007, estimated exports stood at US$140 billion and imports were around US$224.9 billion. Textiles, jewellery, engineering goods and software are major export commodities. While crude oil, machineries, fertilizers, and chemicals are major imports. India's most important trading partners are the United States, the European Union, and China.
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