Statistics Canada: Present Status of The Once ‘Richest Country’

The statistics Canada is currently the most talked about topic in town. This is because speculations are arising about the once richest town becoming poorer with time. This is of no surprise as a lot is happening, which is currently proving the figures brought forward by the statistics Canada. The inflation rate also is witness to this and it makes the world shocked too as the once richest town is slowly turning to the face of poverty. Plus, the wealth gap between Canada and the U.S. has also grown wider.

According to the figures published by the Organisation for Economic Co-operation and Development (OECD), this is stated. Plus, Canada’s relatively weak economic growth, which is combined with a population boom, has hit its standing. This is placed among all the wealthy countries like that of Australia, New Zealand and the United Kingdom. It is also one of the reasons why Prime Minister Justin Trudeau has turned to former Bank of Canada governor Mark Carney to give him and his cabinet advice on how to rise up economic growth.

Statistics Canada: What Measures are Being Bought Forward to Boost Economic Growth?

With regard to the data that has been bought forward by statistics Canada, a lot is taking place in order to boost up the economic growth in Canada. Treasury Board President Anita Anand is launching what she terms as a “working group”. This will be bought forward to study the country’s lacklustre productivity and find ways to boost economic output. The Bank of Canada is also occupied with the issue brought forward by statistics Canada. Therefore, in the month of March previously, Deputy Governor Carolyn Rogers highly bought in the alarm about the need to boost Canada’s productivity.

Growth however is being noted by the Statistics Canada. However, it is not at an impressive rate. This is because the country added that nearly 1.3 million people last year saw a 3.2 per cent increase. This was seen while the economy grew by just 1.1 per cent in the same time period. This itself means that more people were taking slices out of an economic pie which hasn’t grown much bigger according to the statistics Canada.

Is Everything Bad in Association with the Figures Bought Forward by Statistics Canada?

Not all is bad as everything is on its way of improving in the Canadian economy. This has come into the place by bringing forward the data that shows the real weekly earnings. It also shows a person’s take home pay which has actually increased in Canada. The best part is that it increased even when it was accounting highly for inflation. The household savings rate is also up.

This indicates that there may be some improvement as Canada’s economic growth is expected to hit 1.3 percent. This will be seen in the year 2024 and 2.4 percent the year after. This is with regard to the data brought forward by the International Monetary Fund (IMF) data.

Statistics Canada: Will the Emigration Rate to the U.S. from Canada Accelerate Now?

With the data range that has come forward with Statistics Canada, emigration to the U.S. could start to accelerate. Larry Schembri, a senior fellow at the Fraser Institute and a former deputy governor of the Bank of Canada, stated this.

“As that gap grows, more and more Canadians have an incentive to move to the U.S. for better economic opportunities and a higher standard of living,” he said, adding doctors and tech workers may be among the first to go.

However, Canada is not just falling further behind the U.S. which is a country with massive budget deficits that have helped to fuel its high range of massive and good economic growth. This is because for the past two decades, Canada’s GDP per capita has been higher than the OECD average of the world’s 30 most developed countries.

Are the Figures Misleading?

The figures might be misleading as stated by Tyler Meredith, who is a former Trudeau adviser who helped craft the government’s fiscal and economic policy. Meredith stated how the slumping GDP per capita figures are ” misleading”. This is because the outsized population growth in recent years have skewed them. He also said the Liberal government has “allowed too many temporary foreign workers to come in.”

“We need less temporary migration, we need less foreign students and probably less foreign workers in low-skilled categories,” he said.

However, he also pointed that the data shows that the take-home pay has increased. This was up even when it was accounting for inflation. The household savings rate has also given up. This is because more people have money kept away thanks to the higher range of wages.