Canada’s global competitiveness needs overhaul – fast

Tariffs, Taxes and struggling enterprise hurt Canada’s Global Ranking


July 24, 2018 (EnergySpotlight) – 10 years after the ‘economic crisis’ and “recovery” Canada’s Global Ranking not even in the Top 10.

Canada’s 2018 Global Economic competitiveness needs improvement

The latest global competitiveness rankings from the World Economic Forum at the end of 2017 showed Canada at 14th –  behind the 13th spot our country earned in 2015/16.

14th may sound surprising as we Canadians tend to think of us as ranking higher. 

Canada’s 2018 mid-year outlook hasn’t improved that much.

Drag map over below to highlight CANADA

I won’t bore you with too many details, but “Health Care” is the only thing keeping us from plummeting even further.

If you ask me, that’s not exactly a topic of pride lately either.

The reality is that most of the sad rankings in the list is is our OWN doing, and within our own control as a nation. 

“Canada’s macroeconomic environment” – due mostly to an expanding federal deficit – ranked 47th. Our level of government debt was worse ranking 118th.

To be fair… those were reports from the END of 2017… Is it better? Nope.

From BNN – The Organisation for Economic Cooperation and Development today is warning that Canada risks being left behind in the global race for investment dollars if it doesn’t respond to U.S. tax reform, joining a growing chorus of voices that are sounding the alarm on the country’s competitiveness. 

The OECD said in a report Monday that tax reform in the United States has made Canada a less attractive place to do business, and urged the Canadian government to reassess its own tax system.

Do you think Trump is worried and considering backing down anytime soon?

To quote the World Economic Forum –

The overall tax burden remains a shackle on growth and it is tightening. According to the World Economic Forum’s Executive Opinion Survey, Canada’s business community considers tax rates to be one of the most significant barriers to doing business. Governments, especially at the federal level, continue to downplay the barriers to domestic investment that they’re building through tax regimes.

Canada’s 2018 global economic competitiveness ranking has the ability to improve. However, considering Finance Minister Bill Morneau has been pretty much silent on the matter – it’s hard to say Tax changes are on the horizon…  

Cheers

Kelly.

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