Ottawa: Canada’s economic growth has slowed compared to peer countries like the U.S., Australia, and the U.K., widening the wealth gap. While Canada’s population has grown rapidly, economic growth hasn’t kept pace, resulting in less wealth per person. Experts, including former Bank of Canada Governor Mark Carney, are advising the government on how to boost productivity and growth.
GDP per capita, an indicator of living standards, has declined in Canada, while the U.S. has pulled further ahead. Concerns include a lack of corporate competition, interprovincial trade barriers, and a growing influx of immigrants, which some argue strains the economy. Solutions include better investment in workers, encouraging companies to spend more, and possibly reducing immigration temporarily to improve short-term growth.