“As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards.”
Oh Forbes, you know just what to say to make us feel good about our economy.
One of the key factors that led to Canada’s jump to number one was its improved tax standing. It now ranks ninth overall for tax burden compared to 23rd in 2010. Forbes credited the introduction of the HST in Ontario and BC to help make businesses more competitive (though it would seem BC’s populace would disagree with this assessment).
The criteria that Forbes used to rank different countries took into account property rights, innovation, taxes, technology, corruption, freedom, red tape, investor protection and stock market performance. Pretty comprehensive, we must say.
Glad to see Canada on top, now let’s get down to business!