While U.S. was hit by a recession and Europe was under severe debt, Canada’s economy grew by 3.1% last year, 9th largest in the world. The ranking was based on 11 factors such as property rights, innovation, technology, corruption and so on. It compared 134 countries. Canada is among the top 5 in investor protection and lack of red tape which shows that it’s easy to start a business in Canada and it has also improved in its tax standing from last year. While U.S. is ranked 6th in terms of innovation and patents/ capita, Japan has the highest corporate tax rate.
- What factors would you consider are mostly responsible for Canada’s growing economy?
- How has introduction of HST in Ontario and BC affected Canada’s tax standing?
- Do you think corruption is one of the causes for some countries to suffer despite high GDP?
Source: Associated Press, “Canada ranked best company for business” Financial Post (Retrievable online at http://business.financialpost.com/2011/10/04/canada-ranked-best-country-for-business/)