Canada will be the worst performer among the 38 member countries of the OECD this decade, with average growth in real GDP of just 0.7 per cent, noted David Williams, vice-president of policy at the Business Council of British Columbia. What’s worse, the OECD also predicts Canada will be at the bottom of the OECD pack between 2030 and 2060, with average growth in real GDP only slightly better at 0.8 per cent.
It’s a bleak picture, made worse by forecasts of a declining amount of capital stock per worker. Dr. Williams says statistics indicate a serious problem with the investment climate in Canada. Even that forecast doesn’t capture its full extent, since the heavy investment in and high productivity of the non-conventional oil and gas sector skews any assessment of Canada’s economic performance.