Report Shows Canada Improving Economic Ranking, Due to Decline of Other Countries

This article was last updated on April 16, 2022

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A recent report shows that Canada has improved its economic ranking up to sixth out of total sixteen countries, however, analysts insist that it is merely due to the weakness of other countries. The Conference Board of Canada announced that the country has maintained its “B” grade, while still improving its ranking from eleventh to sixth, since the last report card of pre-recession 2008, also stating that reason behind the surge is due to other European countries declining from their positions.

The board explained that, with the exception of inflation and employment growth, Canada is still far behind the highest-ranked countries on key economic indicators, including productivity and attracting global investment. Regardless of its economic challenges, the United States is still ranked fourth, i.e. two places above Canada, because it still maintains better productivity and a higher standard of living. Whereas, Norway and Australia are shown as the top economic performers scoring “A” grades.

The principal economist at the independent research organization, Kip Beckman, mentioned that “we have moved up, but some of it is because others have gotten a lot worse.” He explained that “the Canadian economy may only be growing at two per cent now, but people in Europe would love to have two per cent growth.” Beckman pointed out Canada’s labour productivity gap with the United States. He elucidated that “for example, if a company brings in a robot on a car assembly line and they can produce with the same workers more cars — that’s an improvement in productivity and that leads to a higher standard of living.”