We're number... 15? - Macleans.ca

We’re number… 15?


Kevin Carmichael checks one of the Harper government’s favourite rallying cries.

While a valid bragging point in the aftermath of the financial crisis, Canada no longer is an economic standout among its peers. The International Monetary Fund identifies 35 countries as “advanced economies,” ranging from Australia to the United States. According to the IMF, Canada’s gross domestic product will expand by a little less than 2 per cent in 2013. That bests only European economies coping with the recession in the euro zone. Australia, Estonia, Hong Kong, Iceland, Israel, South Korea, Malta, New Zealand, Norway, Singapore, the Slovak Republic, Sweden, Taiwan, and the U.S. all are forecast by the IMF to outpace Canada next year…

Mr. Flaherty can accurately say that Canada’s growth is projected to be strong compared to a group of recessionary European countries. He can no longer accurately put on positive spin on Canada’s mediocre economic performance by seeking out favourable international comparisons. At best, Canada is in the middle of the pack.