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Opinion: Canada is no longer one of the richest nations on Earth. Country after country is passing us by
We are in a growth crisis – at the very moment we most need growth to pick up, it has all but petered out
www.theglobeandmail.com
Canada is no longer one of the richest nations on Earth. Country after country is passing us by
Per capita GDP, after adjusting for inflation, is now below where it was in the fourth quarter of 2014, nine years ago.
More to the point, the economy is now growing slower than the population, which is why per capita GDP is now falling. And it’s per capita GDP that really counts, as far as living standards are concerned.
瓦罐养乌龟，越养越缩。
Nor is this a short-run problem. It has been going on for decades. In the 1950s and 60s, Canada’s economy grew at a rate of more than 5 per cent annually, after inflation. By the 1970s that had slowed to roughly 4 per cent; to 3 per cent in the 1980s; to 2.4 per cent in the 1990s; to 2 per cent in the 2000s. Over the past 10 years, it has averaged just 1.7 per cent. Last year it was 1.1 per cent.
