Nova Scotia Journal

Wednesday, December 1, 2021

GOLDSTEIN: Canada’s economic freedom is declining 

Canada's economic freedom

Key Takeaways:

  • According to a recent Fraser Institute report, economic independence is dwindling across Canada.
  • New Hampshire received an 8.23 out of ten for being the most economically free state in the research.

According to the fiscally conservative research organization, all 10 Canadian provinces were far down the list of economic freedom in 2019 the year before the COVID-19 global pandemic compared to 51 U.S. states and 31 Mexican states.

Once considered the most economically free range in North America, Alberta has plummeted to 33rd position, still the best finish of any Canadian province, out of 92 jurisdictions analyzed. Alberta received an 8.0 out of a perfect score of 10 in the research Economic Freedom of North America, 2021, which examines government spending, taxation levels, and labor market constraints.

B.C. (47th, 7.91), Ontario (52nd, 7.83), Saskatchewan (54th, 7.78), Manitoba (55th, 7.75), Quebec (56th, 7.71), New Brunswick (57th, 7.62), Nova Scotia (58th, 7.61), Newfoundland and Labrador (59th, 7.60), and Prince Edward Island (60th, 7.60) were all behind Alberta (60th, 7.58).

Read Also: A new survey reveals for cost management in construction projects in Canada

California came in 43rd place with a 7.95 score, while New York came in 51st place with a 7.85 score.

Delaware was the worst-performing state in the United States regarding economic freedom, ranking 53rd with a score of 7.79. However, all 31 Mexican states analyzed in the survey finished ahead of the United States and Canadian provinces, with Baja California ranked 61st in economic freedom with a score of 6.65, and Ciudad de Mexico ranked 92nd with a score of 5.63.

According to study co-author Fred McMahon, “higher levels of economic freedom lead to more opportunity, prosperity, better economic growth, more investment, and more jobs for Canadians.” “As economic freedom dwindles across Canada, economic opportunities for Canadians and their families decrease as well.”

According to the study, Hong Kong (before China’s anti-democracy crackdown) was the most economically free jurisdiction of the 165 examined, followed by Singapore, New Zealand, Switzerland, Georgia, the United States, Ireland, Lithuania, Australia, Denmark, Mauritius, the United Kingdom, Estonia, and Canada in that order.

In that survey, Russia ranked 100th, India 108th, Brazil 109th, and China 116th. Venezuela was ranked 165th in terms of economic freedom. In that study, countries in the top quartile had an average per capita GDP of US$50,619, while those in the worst quartile had an average per capita GDP of US$5,911.

Source: TORONTO SUN

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