Opinion: Canada is falling behind its peers in terms of living standards — can it catch up?

Canada, once admired for its robust economic health and high living standards, now faces a worrying decline. The nation’s gross domestic product per capita growth trails its peers in the Organisation for Economic Co-operation and Development , while Canadian workers clock more hours for less output.

Domestic challenges As Canada grapples with a pervasive economic malaise, its decline in living standards is rooted in a constellation of domestic and global challenges. International challenges Internationally, Canada is caught in the headwinds of shifting global dynamics. The world moves inexorably towards a multi-polar geopolitical system, marked by rising protectionism — the practice of safeguarding a country’s domestic industries from international competition through tariffs or trade policies — that disadvantages smaller economies.

The path forward, fraught with challenges, demands a reinvigorated commitment to fostering competition and innovation, lest the nation continues its slide into economic mediocrity. This policy pivot is not just about policing; it’s about revitalizing Canadian innovation by ensuring the markets are competitive enough to challenge incumbents and stimulate continuous improvement.

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