World’s Most Competitive Economies: Canada Falls To Lowest Spot Ever In Rankings
Source: Yahoo Finance
Author: Daniel Tencer
MONTREAL — Canada has fallen out of the top 10 in a ranking of the world’s most competitive economies, a sign that Canadians may have a harder time succeeding financially in the coming years.
The 2019 edition of the IMD World Competitiveness Ranking places Canada 13th out of 63 countries, the worst performance in the annual survey’s history, which goes back to 1997.
The country is being beaten by both aggressive free-market economies like Singapore and the U.S. (first and third, respectively) and by progressive countries known for their labour protections and high wages (Denmark, the Netherlands, Norway and Sweden).
Through the 1990s and early 2000s, Canada consistently ranked among the top 10 most competitive economies, but the country began a slow descent around 2015, when oil prices collapsed ― though that is only a small part of the reason for the decline.