Still, it pretty much sums up the Organization for Economic Co-operation and Development’s (OECD) forecast for Canada’s economy for at least the next couple of years.
Could be worse, could be way better. Mostly, it’ll be “meh.”
The Paris-based OECD (essentially the membership organization of the world’s developed countries) said Monday our GDP growth will be OK– not great, but not a recession, either. Employment growth will be slow, so will any rise in incomes, but at least unemployment shouldn’t increase and inflation won’t be out of control.
All-in-all, Canada’s economy will be, well, “meh.”
Taxes and regulations, but mostly taxes.
Since 2015, when the Liberals and New Democrats took over in Ottawa and Edmonton, respectively, federal and provincial taxes on individuals and corporations have sucked much life out of our economy, along with insane new environmental regulations that are scaring away foreign investment in our energy sector.
Yes, the OECD also points to uncertainty about NAFTA. So Trump haters can blame Donald Trump’s trade strategy a bit, too.
But in recent years, federal and provincial governments have raised taxes so much that Canada has become less competitive.