Press Release from the Fraser Institute: Canadians Are Experiencing the Second-longest and Third-largest Decline in Living Standards in the Last 40 Years - Latest Global News

Press Release from the Fraser Institute: Canadians Are Experiencing the Second-longest and Third-largest Decline in Living Standards in the Last 40 Years

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VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) — From 2019 to 2023, Canadian living standards fell – and at the end of 2023 the decline had not ended, according to a new study released today by the Fraser Institute. an independent, non-partisan Canadian public policy think tank.

“Despite claims to the contrary, living standards in Canada are falling,” said Grady Munro, policy analyst at the Fraser Institute and co-author of Changes in GDP per capita (income): 1985 to 2023.

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Specifically, from April 2019 to the end of 2023, inflation-adjusted GDP per person, a broad measure of living standards, fell from $59,905 to $58,111, or by 3.0 percent. This decline is only exceeded by the decline in 1989 to 1992 (-5.3 percent) and 2008 to 2009 (-5.2 percent). In other words: It is the third largest decline in 40 years.

In addition, the most recent decline (spanning 18 fiscal quarters) is already the second longest in the last 40 years, surpassed only by the decline from 1989 to 1994 (which lasted 21 quarters). And if this decline does not stabilize in 2024, this decline could be the sharpest and longest in four decades.

“The magnitude of the decline in living standards should be a wake-up call for policymakers across Canada to immediately implement fundamental policy reforms to boost economic growth and productivity,” said Jason Clemens, co-author of the study and executive vice president of the Fraser Institute.

MEDIA CONTACT:
Grady Munro, Policy Analyst, Fraser Institute

To arrange media interviews or for further information, please contact:
Mark Hasiuk, Senior Media Relations Specialist, 604-688-0221 ext 517,
[email protected]

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The Fraser Institute is an independent Canadian public policy research and education organization with offices in Vancouver, Calgary, Toronto and Montreal and is connected to a global network of think tanks in 87 countries. Its mission is to improve the quality of life of Canadians, their families and future generations by studying, measuring and widely communicating the impact of government policies, entrepreneurship and choice on their well-being. In order to protect the institute’s independence, it does not accept government grants or research contracts. Visit www.fraserinstitute.org

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