Did Canada Miss a Decade of Rising Tide?

Canada's business landscape has faced macroeconomic challenges for over a decade and continues to struggle. Compared to similar countries, Canada has fallen behind not only the leaders but also the average performance of peer nations. Since 2014, GDP per capita, adjusted for the US dollar, has significantly declined. Over the decade from 2014 to 2024, it dropped by 13% relative to the average American, with projections indicating further decreases.

Before and after the pandemic, Canada's economic outlook has been challenging, with a tough business environment. According to IMF data analyzed by BCBC, Canada's real GDP per capita grew by just 3% (0.5% annually) in the five years leading up to 2019, ranking it 4th weakest among 38 advanced countries. Post-pandemic, Canada is one of only eight advanced nations where real GDP per capita remains below pre-pandemic levels. Its recovery from 2019 to 2022 was the fifth weakest among 38 OECD countries.

Source: BCBC

If your business is struggling, you're not alone. Economic data confirms business has been slow for nearly a decade. As a leader, take action: explore new markets, streamline operations, and seek tax savings or grants. Start by thoroughly analyzing your situation for a clear, transparent baseline. Other countries' economies are growing, and you should seize those opportunities rather than waiting for better times in Canada alone. Reach out to a management consultant and take action.