Ontario has the same per capita GDP as Alabama
Ontario has the same per capita GDP as Alabama
Productivity is not some abstract academic concept but determines the quality of people’s lives and their ability to raise a family. GDP per capita roughly represents the amount of income generate each year. Lowe productivity results in lower living standards.
Canada has some of the worst productivity among advanced nations. The standard of living continues to fall compared to the United States.
Canada’s labor productivity fell for the fourth straight quarter returning the country back to levels last seen in 2017. This is the equivalent of $5,500 per person in lost economic output. If Canada kept up with the pace of the USA, they would be producing over 8% more per hour worked than they currently do.
Ontario is the most populous province in Canada and accounts for nearly half the country’s manufacturing.
As a whole, Canada has missed out on the economic feast of the past decade leaving with with little fat on the bone to weather the current economic famine.
Only Alberta exceeds the US average of $76,000
Works Cited:
https://thehub.ca/2023-06-15/trevor-tombe-most-provincial-economies-struggle-to-match-the-u-s//
https://businesscouncilab.com/insights-category/analysis/productivity-part-three-canada-us-productivity-gap/
Tags:
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