In specific, Canada has also been one of the sufferers of economic recession and experts have specified that although there have been adverse effects of economic recession, however, Canadian authorities were very effective in overcoming issues and challenges, and thus, were and still are successful in running the Canadian economy in an efficient manner, especially since the past 2-3 years.
While the Canadian government received applause from the economic analysts, they had to confront criticism from some experts as well, as they criticized that while running the economic matters of the country, authorities and especially the Bank of Canada have shown ineffectiveness and uselessness. While comparing performance of the Canadian government with G7 states, its graph is going down, and it is imperative that the government with collaboration of the Bank of Canada should take crucial steps to avoid the downfall that will result in adverse impact on different sectors of the country. For this purpose, the paper will try to identify and evaluate the role of the Bank of Canada and the government of Canada in running the economy. In addition, the paper will strive to converse about different economic changes brought in by these two contributors and runners of the Canadian economy. More specifically, economic policies and strategies of the Canadian government for the last two years will be in scrutiny.
Due to the wave of globalization, and most importantly, economic recession, economists are suggesting governments and banking sector to introduce policies that may complement global scenario of economic development rather than limiting to only regional economic development of the country. Studies related to the role of Canadian government have indicated that since the past 2-3 years, the government along with collaboration of the Bank of Canada has created their macro-economic policies on the same track, and the Canadian government is still