Canada’s travel account deficit has decreased significantly since its peak in the early 1990s. Canada’s travel deficit dropped dramatically in 1998. The deceleration in the growth of Canada’s travel deficit is a positive sign in the right direction. Nonetheless, keeping and winning new international visitors will get tougher given growing global economic and financial volatility. In the longer term, the aging of populations in Canada’s major markets will become an increasingly important factor in influencing the direction, rate, and magnitude of its travel account deficit.
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