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Jack Mintz: Carney wants to play in the economic minor leagues

Our new best buds in Europe have notoriously slow economic growth. With our per capita GDP now just two-thirds the U.S., we'll fit right in

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In its fiscal update, the Carney government repeats almost ad nauseum the IMF’s projection that Canada will have the second highest real GDP growth rate among G7 countries this year, at 1.5 per cent. What the update doesn’t emphasize is that the United States, our most important trading partner by far, will grow 2.3 per cent — i.e., half again faster than Canada. And because the U.S. accounts for three-fifths of the G7’s total GDP, a better way to think about Canada’s growth is that it’s in the bottom half of the G7 — not really something to be so proud of.

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