The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Among other reports it publishes Global Competitiveness Report that highlights world economies, their strength and weaknesses, and provides the competitive landscape of these various countries.
The report also an insight in to the drivers behind the productivity and prosperity of various countries. It is by far the most comprehensive assessment of national competitiveness. Here are Canada's top 5 "Most Problematic Factors for doing Business in Canada".
5. Tax Rates - why is this not a surprise? Don't we all feel this regularly. Taxation in Canada is almost stifling.
4. Inadequately educated workforce - This came as a surprise to me. Let me know your thoughts on this one. I think we are suffering as a nation because as a country made up of immigrants, we need to have a better program for assimilating the immigration influx and utilize their talents effectively. When our doctors, lawyers and engineers are driving taxis, trucks or working in call centres, no wonder we are ranking poorly on this.
3. Access to financing - Is Jim Flaherty reading this?
2. Insufficient capacity to innovate - I don't know anything about this one, and the number one is
1. Inefficient Government Bureaucracy - Wake up Ottawa.
Overall Canada is ranked number 14, behind countries like Switzerland (1), Singapore (2), Germany, US and UK ranked 6, 7 and 8. Get this, Hong Kong, Qatar and Taiwan are better than us at 9, 11 and 13. Last on the list is Burundi ranked at 144.
From a real estate perspective specifically in Toronto, if you are not in the above list, you may want to consider moving to the lovely city we call home - with one of the most vibrant economy and multicultural place to be in Canada.
Jagdeep Singh, B. Arch.
Real Estate Broker
Direct Tel: 647-287-4644
Direct Fax: 866-450-9199
Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™
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