Commentary
Canada’s economy, adjusted for population growth and inflation, has barely grown for the past 10 years. Per capita gross domestic product rose at an average compound annual growth rate of 0.41 percent as calculated by the World Bank.
This ultra-slow growth, common in advanced economies, is not universal.
According to the World Bank, Japan’s GDP per capita grew at an average annual rate of 0.8 per cent over the past 10 years; Germany’s by 0.52 percent; the UK’s by 0.63 percent; and Spain’s by 1.34 percent. Unimpressive, but all beating Canada.
More strikingly, South Korea managed 2.19 percent over 10 years and 2.30 percent over 15 years. The United States achieved 2.0 percent and 1.7 percent, respectively….