It can also be described as a northern subcontinent of the Americas
NORTH AMERICA
North America is a continent entirely within the Northern Hemisphere and almost all within the Western Hemisphere
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Integration of Central American economies occurred under the signing of the Central American Common Market agreement in 1961; this was the first attempt to engage the nations of this area into stronger financial cooperation. Recent implementation of the Central American Free Trade Agreement (CAFTA) has left the future of the CACM unclear. The Central American Free Trade Agreement was signed by five Central American countries, the Dominican Republic, and the United States. The focal point of CAFTA is to create a free trade area similar to that of NAFTA. In addition to the United States, Canada also has relations in Central American trade blocs. Currently under proposal, the Canada – Central American Free Trade Agreement (CA4) would operate much the same as CAFTA with the United States does.
These nations also take part in inter-continental trade blocs. Mexico takes a part in the G3 Free Trade Agreement with Colombia and Venezuela and has a trade agreement with the EU. The United States has proposed and maintained trade agreements under the Transatlantic Free Trade Area between itself and the European Union; the US-Middle East Free Trade Area between numerous Middle Eastern nations and itself; and the Trans-Pacific Strategic Economic Partnership between Southeast Asian nations, Australia, and New Zealand.
North America’s GDP per capita was evaluated in October 2016 by the International Monetary Fund (IMF) to be $41,830, making it the richest continent in the world, followed by Oceania.
Canada
Canada is the world’s tenth-largest economy as of 2018, with a nominal GDP of approximately US$1.73 trillion. It is one of the least corrupt countries in the world, and is one of the world’s top ten trading nations, with a highly globalized economy. Canada has a mixed economy ranking above the U.S. and most western European nations on The Heritage Foundation’s Index of Economic Freedom, and experiencing a relatively low level of income disparity.
America
According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity. The United States is the largest importer of goods and second-largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion. Canada, China, Mexico, Japan, and Germany are its top trading partners.
Economy of North America
Canada shows significant growth in the sectors of services, mining and manufacturing. Canada’s per capita GDP (PPP) was estimated at $44,656 and it had the 11th largest GDP (nominal) in 2014. Canada’s services sector comprises 78% of the country’s GDP (estimated in 2010), industry comprises 20% and agriculture comprises 2%. Mexico has a per capita GDP (PPP) of $16,111 and as of 2014 is the 15th largest GDP (nominal) in the world. Being a newly industrialized country, Mexico maintains both modern and outdated industrial and agricultural facilities and operations. Its main sources of income are oil, industrial exports, manufactured goods, electronics, heavy industry, automobiles, construction, food, banking and financial services.
The North American economy is well defined and structured in three main economic areas. These areas are the North American Free Trade Agreement (NAFTA), Caribbean Community and Common Market (CARICOM), and the Central American Common Market (CACM). Of these trade blocs, the United States takes part in two. In addition to the larger trade blocs there is the Canada-Costa Rica Free Trade Agreement among numerous other free trade relations, often between the larger, more developed countries and Central American and Caribbean countries.
2005-present
Canada, Mexico, and the United States have significant and multifaceted economic systems. The United States has the largest economy of all three countries and in the world.
Future
The North America Free Trade Agreement (NAFTA) forms one of the four largest trade blocs in the world.
Economic development
Wealth
Integration of Central American economies occurred under the signing of the Central American Common Market agreement in 1961.
