Internationally renowned business magazine Forbes praised the Canadian banking system and economy this week, listing the top ten reasons Canadians should be encouraged about the economic future.

The magazine pointed out that Canada has largely avoided the problems that have caused the economic downturn in the United States, such as public debt, a housing crisis, a banking system in turmoil and a weakening of the US Dollar.

Forbes also highlighted that the Canadian banking system is the soundest in the world.

It also listed 10 reasons why Canadians can be optimistic about the economic picture in the country:

1. The strong banking system
2. Low public debt
3. A strong housing market
4. Oil sands- Canada has the world’s second biggest oil reserve
5. Conventional oil
6. The agricultural sector
7. Precious metals and the mining sector
8. The technology sector
9. Water and natural resources
10. A strong ‘loonie’ (Canadian dollar)