Canada's standard of living is falling behind the rest of the developed world
Canada is one of the few advanced economies that has not recovered its pre-pandemic standard of living.
On the surface Canada’s economic growth looks healthy. “Supercharged”
immigration and population growth helped drive a quick recovery in activity after the pandemic, particularly in consumption and
the housing market. On the world stage, Canada is one of the few advanced economies that has not recovered its pre-pandemic standard of living, measured by real gross domestic product per capita.
According to Statistics Canada,
our population is growing at a record pace, rising by
1,050,110 in 2022, the first time in Canadian history the population has grown by more than 1 million people in a single year.
This measure ( Standard living--measured by real GTP per capita) has contracted over the past three quarters, and TD forecasts it will continue to shrink until the end of 2024. More alarming, the Organization for Economic Cooperation and Development predicts that Canada will place last among OECD members in real GDP per capita growth until 2060.
So what’s the problem?
1)..., ... ( you know why)
2) At the core of the issue is sagging
productivity, something Canada has been battling for years, said Ercolao, who identifies several forces behind this.
3)“Over the last 20 years, Canadian
R&D investment has been in perpetual decline, while all other G7 countries have seen increases to varying degrees,”
“Unfortunately, for Canadians, little turnaround in Canadian living standards appears to be on the horizon,” said Ercolao.
---Excerpted( the bracketed I added ) from
Posthaste: Canada's standard of living is falling behind the rest of the developed world
PS: ( Long live our raising housing market!)