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Monday, September 29, 2008

Michael Ignatieff: Worst Performance in the G8

It seems the newest Liberal talking point is that Canada is apparently the worst performing country in the G8.  At least that's what Michael Ignatieff told the Economic Club of Canada this morning [ed.: Here's Ignatieff's speech, courtesy of Kinsella]. 

I thought this was a pretty bold statement.  Particularly, because I don't know what numbers he's reading.  The numbers I'm reading come from Statistics Canada, the OECD, IMF, and UN Human Development organization.

So here's everything about the performance of the G8 countries that you wanted to know, but were afraid to ask:

G8stats.jpg

It's hard to tell what measure Liberals are talking about when they say Canada went from best to worst.  Simply because, when you say "best economic performance," you can be talking about quite a few different things. 

For example, if you consider the country that is "performing best" as the country with the most growth, then your definition of "best" is the country which is relatively speaking, the country that is changing for the better, at the fastest rate.  If that's your measure, then you could say that India and China are the best performing economies in the world, because they both have double digit GDP growth year-over-year.

But few people would consider the quality of life in China or India comparable to the quality of life in any of the G8 countries.  So obviously, growth as the primary measure for performance is a bit shortsighted.  It's ignorant of the idea that basal economic activity is important to the entire picture.

If Iggy is using GDP growth as the primary measure by which to judge Canada's performance against the rest of the G8, is that even accurate? No.  Because Canada had only the third best GDP growth behind the United States and Russia.  And we are now the third worst, ahead of the United States and Italy.  However, this year's GDP growth is within 0.1% of the growth of France and Germany.

Both Germany and France have higher unemployment and less investment in their economy than Canada.

We should also note, that most global economists are projecting that Canada in fact, will be the number two performing economy in terms of growth in 2009 behind Russia.  At around 2% real GDP growth.

So when Harper accuses Dion and the Liberals of "talking down the economy" we can actually empirically verify the truthfulness of this.  From what I can see, the Liberals are simply grabbing at GDP numbers and using them to make a point.  Except any economist will tell you, that you can't look at any economic factor in isolation. And contrary to what the Liberals are saying about how bad Canada's economy is, most Canadian and international economists believe that Canada's economic fundamentals are the best in the G8.

Posted by Mike Brock on September 29, 2008 in Canadian Politics | Permalink

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Comments

LIES, damned LIES, courtesy of another desperate Lieberal.
The Liberals and Dippers are in a frenzy like never before in the history of this country. They're flying off in all directions and out of control. They have nothing to offer but stupidity and lies about PM Harper BECAUSE he's the only one fit to govern in this World wide economic downturn and specifically the US.
Why the Hell Jack Layton, Leader of the 4th Party in the HOC thinks he should have a meeting with the PM ,who is an economist and in control, shows how puffed up Jacko is on the importance scale. No one in their right mind would go to a Dipper for advice on the economy. Revisit the mess Bob Rae made of Ontario using Dipper ideology.
It is to weep what's going on in the politics of this country from all the Opposition. They care not one whit about the well being of the Country, it's all about the politics of the stupid.

Posted by: Liz J | 2008-09-29 4:00:21 PM


I just got some very disturbing news today from my my freind in Kamloops Fred Bosman. I worked on his nomination when he ran against the current MP Betty Hinton for the nomination back when the NDP MP stepped down -Nelson Riis.. Fred lost by a few votes. Fred was one of 2 people considered in the recent nomination and he was passed over for a woman who is now the curent nominee. Fred was in fact told by the head of the BC readiness Cmmt recently that they chose her because they did not have " enough woman running". I thought only the NDP and the Liberals did that not us? That really stinks I say and they owe Fred an apology!!. Why do we choose a person based on gender not skills. Thats just not right folks. Not only that, but the party did not even phone Fred and tell him he was not the apointee. So much for grass roots and deceny.

Posted by: Merle | 2008-09-29 10:55:33 PM



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