Authored by Peter St.Onge via The Brownstone Institute,
Canada’s standard of living is on track for its worst decline in 40 years, according to a new study by Canada’s Fraser Institute.
The study compared the three worst periods of decline in Canada in the last 40 years – the 1989 recession, the 2008 global financial crisis, and this post-pandemic era. They found that, unlike the previous recessions, Canada is not recovering this time. Something broke.
In fact, according to the Financial Post, since 2019 Canada’s had the worst growth out of 50 developed economies. Inflation-adjusted Canadian wages have been flat since 2016.
So, yes, something broke.
And it’s nowhere near over: Canada’s per-person real GDP is still falling and with a looming US recession – the US is 75% of Canada’s exports – Canada could crash again before it ever recovered.