Canada lags behind other advanced economies on standard of living metrics, a new report has found, with persisting productivity issues being a leading contributor behind the trend.
Marc Ercolao, an economist at TD Bank, said that regardless of “solid headline growth in recent years,” Canada trails the U.S. and other economic peers regarding its standard of living, or real gross domestic product per capita. He said that in 2014-15 oil price shocks contributed to underperformance in this area, which has continued following the COVID-19 pandemic.
Ercolao said that despite a pandemic-related economic downturn, growth in Canada’s economy has been aided by “supercharged immigration” and a “robust population,” that spurred consumption and demand for housing. He said while it may be easy to “point the finger” at fast-paced population growth, it would be an “oversimplification” to do so. He said that drastic increases in the nation’s population are far more recent than the downward trajectory of real GDP growth since the 1980s.
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