Canada no longer leading the G7 in economic growth

[mentalfloss]

Canada no longer leading the G7 in economic growth

OTTAWA — It's going to get harder for Prime Minister Harper and his ministers to keep boasting that Canada is No. 1 among economic rivals.

As the year unfolds, analysts say it will become increasingly apparent that Canada no longer leads the G7 in economic growth and job creation. And as unlikely as it seems, it's the United States -- troubled as that country remains -- that's likely to relegate Canada to second place, if not third behind Germany.

The switch has largely already occurred, although some of the numbers are just catching up to the reality.

Last week's jobs number was the most graphic example. The score was 2,300 jobs added in Canada in January versus 243,000 in the U.S. Even allowing for population differences, that's 10 times more jobs created in relative terms.

The trend on the jobs front has been going on for some time. Despite all the bad news emanating from south of the border, employment has been rising in the U.S. at twice the rate of Canada for a year.

And U.S. economic growth as a whole is slated to outpace Canada's this year for the first time since 2006.

Canada no longer leading the G7 in economic growth | CTV News

[Shady]

In the long run, it's actually a good thing for us that the American economy begin to pick up steam.

[bush_cheney2004]

....As the year unfolds, analysts say it will become increasingly apparent that Canada no longer leads the G7 in economic growth and job creation. And as unlikely as it seems, it's the United States -- troubled as that country remains -- that's likely to relegate Canada to second place, if not third behind Germany.

Canada's economy (GDP) is not even top ten, let alone G7.

[guyser]

Canada's economy (GDP) is not even top ten, let alone G7.

Huh?

Wiki (yea I know) rankled for 2000-2010 had us ninth,10th and 10th in progressive catagories.

Some other sites, not so much. Some of those countries ahead are um...er...well lets just say they are countries in name only.

Edited February 6, 2012 by guyser

[bush_cheney2004]

Huh?

Sorry, must be my 'merkin math:

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29

[dre]

Huh?

Dont waste your time.

[bush_cheney2004]

...Some other sites, not so much. Some of those countries ahead are um...er...well lets just say they are countries in name only.

OK...but even given that, Canada is certainly not Top 7.

[mentalfloss]

They're probably looking at economic growth as a percentage of job creation.

Edited February 7, 2012 by mentalfloss

[Sandy MacNab]

In the long run, it's actually a good thing for us that the American economy begin to pick up steam.

Exactly!

[bush_cheney2004]

They're probably looking at economic growth as a percentage of job creation.

Right...I'm sure Canada was leading the "G7" at one time, but even if it was still leading today, the world has changed. G7, G8, or G20 is arbitrary. China or India have growth rates to die for.

[PIK]

Time to call a election, I am sure bob rae can make us #1 overnite.

[dre]

In the long run, it's actually a good thing for us that the American economy begin to pick up steam.

Accept for people that are hoping the US economy stays bad so that Obama gets turfed out of office. Not sure who that might be cough cough.

[msj]

Huh?

Wiki (yea I know) rankled for 2000-2010 had us ninth,10th and 10th in progressive catagories.

Some other sites, not so much. Some of those countries ahead are um...er...well lets just say they are countries in name only.

Not sure why you're responding to the troll. Put him on ignore.

Anyway, the use in the title and OP clearly is as a noun.

As a noun, the "G7" means this: link to wiki page.

[Smallc]

Other estimates I've seen have only the US growing after, and only barely. The Canadian economy should return to normal near the end of next year.

[dre]

Other estimates I've seen have only the US growing after, and only barely. The Canadian economy should return to normal near the end of next year.

Im not so sure. I believe we are in the a few years of less than stellar growth. Canadians have less savings than at any time in history... they will start rebuilding as soon as they see a reason, and when they do that youre going to have a few years of decreased consumer spending.

Our economy has been kept afloat by debt financed consumption, and its pretty easy to see why that cant go on for long.

[Smallc]

I agree, which is why our economy won't start to grow normally until the world speeds up. The end of 2013 is the current tentative guess by the BOC.

[Sa'adoni]

The only thing Canada has ever led is two steps behind the US often with their heads down and their lips puckered.

[dre]

I agree, which is why our economy won't start to grow normally until the world speeds up. The end of 2013 is the current tentative guess by the BOC.

I hope youre right! But I see a relatively stagnant economy in most of the west for quite some time. Many years in fact.

[Smallc]

I hope youre right! But I see a relatively stagnant economy in most of the west for quite some time. Many years in fact.

That's a possibility too. Even the estimates I'm talking about see us just over 2.5% a tear, and not the 3 - 4% a year we've become used to.

[dre]

That's a possibility too. Even the estimates I'm talking about see us just over 2.5% a tear, and not the 3 - 4% a year we've become used to.

Yeah thats inevitable... but measure growth in terms of a percentage is kind flawed anyhow because it creates an exponential curve.

The trick is to have an economic and monetary system that can prosper with very little growth. Eventually we will need to implement something like that. Its our banking system that creates the requirement for constant growth just to maintain the way we live.

Also... what people dont understand is that all that personal debt we have today will create the demand for very high economic growth in the future, and if we dont get it we will have some pretty big problems.

We need about 2.9 percent growth just for people to be able to pay back all this debt theyve accumulated.

Edited February 9, 2012 by dre

[CPCFTW]

We need about 2.9 percent growth just for people to be able to pay back all this debt theyve accumulated.

I'd love to hear how you came up with this number.

[dre]

I'd love to hear how you came up with this number.

Thats based on BOC data from about 12 years back. The numbers are different now but the formula and logic is still the same... The number might dip down below 3% or climb a bit above it but it will close.

Its the ammount of interest on all loans divided by the gross national product.

[Battletoads]

'We fixed the economy. Unless we didn't, in which case its not our fault'

-Canadian Cons

Edited February 9, 2012 by Battletoads

[mentalfloss]

Canadians losing confidence in economy: survey

[CPCFTW]

Thats based on BOC data from about 12 years back. The numbers are different now but the formula and logic is still the same... The number might dip down below 3% or climb a bit above it but it will close.

Its the ammount of interest on all loans divided by the gross national product.

Are we talking about government debt or personal debt? I'm not sure I follow your logic.. Why would any growth be necessary given your formula? If you're talking about gov't debt, presumably, some portion of that gnp is taxed and used to pay down interest/debt? Or if we're talking about personal debt (which is what you originally mentioned), couldn't people just spend less?