Economy Below Capacity

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By Elli Davis, January 12, 2011

Photo by Richard Hagen

For some time now, we have been reading reports about how great the Canadian economy is and how well it is doing in comparison with other countries. Interestingly, a recent analysis by economist Jim Stanford from the Canadian Auto Workers claims the opposite of what we have heard over the last few months.

Stanford points out that Canada might not be the economically leading nation among the G7 states. Looking at the average GDP growth in the countries during the second and third quarter of 2010, he has actually come to the conclusion that Canada has fallen to 6th place. As far as countries from the G7, our 1.7 percent growth is only better than Italy's. If looking at GDP per capita, Canada ranked even worse, placing last with a 0.9 per cent gain per person.