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What does Western Economic Diversification do?

Western Economic Diversification Canada (WD) is the federal department that promotes economic growth in Western Canada. Its programs and services help businesses, not-for-profits and communities grow stronger.

What countries diversify economy?

Country rankings RankCountryEconomic complexity index (2018)1Japan2.432Switzerland2.173South Korea2.114Germany2.0995 more rows

What is WD funding?

Western Economic Diversification (WD) Canada's programs offer grants and loans to companies, not-for-profits and communities. These funds help grow Western Canada's economy and improve the quality of life for all western Canadians.

What is the importance of economic diversification?

Economic diversification is a key element of economic development in which a country moves to a more diverse pro- duction and trade structure. A lack of economic diversification is often associated with increased vulnerability to external shocks that can undermine prospects for longer-term economic growth.

What is BSP funding?

BSP supports high-growth* businesses that are scaling up and producing innovative goods, services or technologies. It offers interest-free, repayable funding to incorporated businesses.

What countries diversify economy?

Country rankings RankCountryEconomic complexity index (2018)1Japan2.432Switzerland2.173South Korea2.114Germany2.0995 more rows

What does Western Economic Diversification Canada do?

Western Economic Diversification Canada (WD) is the federal department that promotes economic growth in Western Canada. Its programs and services help businesses, not-for-profits and communities grow stronger.

What is an example of economic diversification?

Chile is an example of a diversified economy, exporting more than 2,800 distinct products to more than 120 different countries. Zambia, a country similarly endowed with copper resources, exports just over 700 products \u2014 one-fourth of Chile's export basket \u2014 and these go to just 80 countries.

What causes economic diversity?

These differences in the relative importance of activities reflect countries' specialisation in the production of different goods and services, which is shaped by factors such as geographical location, demography, the institutional framework (including fiscal policies) and consumption patterns.

What does diversifying an economy mean?

Economic diversification can be defined as the shift toward a more varied structure of domestic production and trade with a view to increasing productivity, creating jobs and providing the base for sustained poverty-reducing growth.

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