Fraser Institute News Release: Canada had the third-lowest growth in per person GDP among 30 advanced economies between 2014 and 2022
July 23 2024 - 5:00AM
Canada had the third-lowest growth in GDP per person from 2014 to
2022 among 30 advanced economies, finds a new study published by
the Fraser Institute, an independent, non-partisan Canadian public
policy think-tank.
“In terms of GDP per person, a broad measure of living
standards, Canada’s performance has weakened substantially in
recent years,” said Alex Whalen, director of the Fraser Institute’s
Atlantic Canada Prosperity Initiative and co-author of
We’re Getting Poorer: GDP per Capita in Canada and the
OECD, 2002–2060.
The study, which examines Canada’s historic and projected GDP
per capita growth compared to similar OECD countries, finds that
from 2002 to 2014, Canadian income growth as measured by GDP per
person roughly kept pace with the rest of the OECD, but from 2014
to 2022 Canada’s growth rate stagnated.
In 2002, Canada’s GDP per capita was higher than the OECD
average by US$3,141. By 2022, it had fallen well below the OECD
average by US$231.
Canada lost ground compared to key allies and trading partners
such as the United States, United Kingdom, New Zealand, and
Australia between 2014 and 2022.
For example, Canadian GDP per person in 2014 was $44,710 (80.4
per cent of the US total of $55,605) but by 2022, Canada was only
at $46,035 versus $63,685 in the US. In other words, the gap had
grown from $10,895 to $17,649 by 2022 (all measures in
inflation-adjusted US dollars).
“Canada has been experiencing a collapse in investment, low
productivity growth, and a large and growing government sector, all
of which contribute to reduced growth in living standards compared
to our peer countries in the OECD,” said Lawrence Schembri, a
senior fellow with the Fraser Institute and co-author.
MEDIA CONTACTS:
Alex Whalen, Director, Atlantic Canada Prosperity
InitiativeFraser Institute
Lawrence Schembri, Senior FellowFraser Institute
To arrange media interviews or for more information, please
contact:Drue MacPherson, 604-688-0221 ext. 721,
drue.macpherson@fraserinstitute.org
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The Fraser Institute is an independent Canadian public policy
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