Canada's economic ranking improves because others have declined
Finance Minister Jim Flaherty speaks during a press conference at IBM in Ottawa, ON January 16, 2013. Andre Forget/QMI Agency
Canada's economic ranking has improved but mostly because other countries have declined, according to the latest report card from the Conference Board of Canada.
Canada's economic ranking moved up to six out of 16 countries assessed in the board's 2012 How Canada Performs: Economy report card. In the 2008 report card, Canada ranked 11th.
Norway and Australia were the top performers, receiving "A" grades. Canada retained a "B" grade. The report card says Canada's improved ranking is less about performance and more about financial uncertainty in the European Union.
The U.S. ranked fourth and also received a "B" grade, despite its unsettled public finances and slow economic recovery.
Canada ranked eighth in per capita income, which was $36,138 US. That's $12,000 below Norway and 84% of the U.S. per capita income. The report says the income gap between the U.S. and Canada has tripled between 1980 and 2012.