Canada’s GDP per capita growth from 2014 to 2024 was just 0.5%—the U.S. figure was 20.7%, according to the IMF’s World Economic Outlook report from October 2024.
The figure indicates an average annual growth rate of approximately 0.05% over the decade, reflecting a period of economic stagnation under the Trudeau Liberals on a per-person basis.
Canada’s poor economic performance is causing many to question whether Prime Minister Mark Carney — Justin Trudeau’s former economic adviser — can undo the damage.
“It’s time to unite Canadians by focusing on shared values and common goals,” said Carney on Saturday.
“It’s time to spend less and invest more. It’s time to secure new trading partners and build one strong Canadian economy. Let’s get to work.”
Canada’s food bank usage has soared to record levels in recent years, driven by economic pressures like inflation, rising housing costs, and stagnant incomes.
According to Food Banks Canada’s HungerCount 2024 report, visits reached over 2 million in March 2024, a 6% increase from 2023 and a 90% surge since 2019.
"On paper, Carney might seem like the perfect candidate to meet this moment," said writer Fred Studemann in a New Statesman article.
"But there are few illusions that this election centred on domestic matters — the most urgent political issue for the country is now Donald Trump. What he lacks in political experience, he appears to make up for in crisis management. Yet many Canadians view Trump’s tariffs as not just an economic crisis, but an existential one—and it’s far from clear a technocratic economist (Carney) can rise to that challenge."
Despite Canada’s overall real GDP growth projected at 1.3% for 2024, the low per capita increase highlights the impact of rapid population growth, largely driven by immigration, which has outpaced economic expansion.
This has effectively diluted per capita gains, positioning Canada as a laggard among peer nations in terms of individual economic prosperity over a 10-year span.
Factors like low productivity growth and housing affordability challenges further contribute to the constrained performance.
“This chart shows the lost Liberal decade, which gave Canada the worst growth among its competitors,” said Conservative leader Pierre Poilievre on X on Monday.
“Now Liberals expect to be rewarded with a fourth term in power. It is time for a change.”