{"id":46893,"date":"2024-05-10T17:10:37","date_gmt":"2024-05-10T17:10:37","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/05\/10\/canada-among-breakdown-nations-with-lesson-for-world\/"},"modified":"2024-05-10T17:10:37","modified_gmt":"2024-05-10T17:10:37","slug":"canada-among-breakdown-nations-with-lesson-for-world","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/05\/10\/canada-among-breakdown-nations-with-lesson-for-world\/","title":{"rendered":"Canada among breakdown nations with lesson for world"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Financial Times<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Canada leads nations which have suffered a sharp decline in per-capita GDP<\/p>\n<div class=\"article-meta\">\n<div class=\"wire-published-by\">\n<p class=\"visually-hidden\">Author of the article:<\/p>\n<p><\/p>\n<div class=\"wire-published-by__author-container\">\n<p>Financial Times<\/p>\n<p>Ruchir Sharma<\/p>\n<\/div>\n<\/div>\n<p><span class=\"published-date__since\">Published May 10, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"c31b341b-beaa-4dd7-b747-3014fdd00901\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Canada's per-capita gross domestic product has been shrinking 0.4 per cent a year since 2020 \u2014 the worst rate for any developed economy in the top 50.\" class=\"featured-image__image type:primaryImage\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=288&h=216&sig=6wsjvPfoWQE8FJ0-gfaxxQ,\n                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?quality=90&strip=all&w=576&h=432&sig=nZ6Tncm9VzfaAMlCxeallw 2x\" height=\"750\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Canada&#8217;s per-capita gross domestic product has been shrinking 0.4 per cent a year since 2020 \u2014 the worst rate for any developed economy in the top 50.<\/span> <span class=\"credit\">Photo by VALERIE MACON\/AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><strong>By Ruchir Sharma<\/strong><\/p>\n<p data-async=\"\">At a time when two big economies, the United States and India, are attracting a lot of hype for their enduring strength, it is worth looking at nations that not too long ago were billed as star performers, but are now breaking down.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>All are among the world\u2019s 50 largest economies and, so far this decade, have suffered both a sharp decline in real per-capita income growth, and a fall in their share of global gross domestic product.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section 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col-md-10\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg 1600w\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel 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from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Led by Canada, Chile, Germany, South Africa and Thailand, these \u201cbreakdown nations\u201d carry a lesson. Growth is hard, sustaining it is even harder, so the stars of today are not necessarily the stars of tomorrow.<\/p>\n<p data-async=\"\">Take Canada first. Widely admired for how it weathered the global financial crisis of 2008, it missed the boat when the world moved on, driven by Big Tech instead of commodities. Canada\u2019s per-capita gross domestic product has been shrinking 0.4 per cent a year since 2020 \u2014 the worst rate for any developed economy in the top 50. New investment and job growth are being driven mainly by the government.<\/p>\n<p data-async=\"\">Private-sector action is confined largely to the property market, which does little for productivity and prosperity. Many young people can\u2019t afford to buy in one of the world\u2019s most expensive housing markets. Pressed to name a digital success, Canadians cite Shopify Inc., but the online store is the only tech name among the country\u2019s 10 largest companies, and its shares are trading at half their 2021 peak.<\/p>\n<p>Then there\u2019s Chile. Hailed in the 1990s as a model of deft, East-Asian-style government in Latin America, its halo has since vanished. The country now makes headlines for political strife over its constitution. Anemic tax collection has gutted public services, triggering violent street protests. Red tape has spread \u2014 the time required to get new investments approved has doubled to nearly 20 months \u2014 chasing off investors.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot17 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories9065409840083802033320885550579712\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.0.3\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment7923038306789365361318296626921472\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>As a result, manufacturing industries remain small compared with emerging world peers, including neighbouring Argentina. Mining products such as copper still account for most of its exports and billionaire wealth, making Chile look more like an old-fashioned commodity economy than an East Asian star.<\/p>\n<p data-async=\"\">No developed economy has had a more dramatic turn for the worse than Germany. Its per-capita income growth fell from 1.6 per cent in the past decade to less than zero in the past few years. During the pandemic, Germany looked flush and flexible, poised to excel in the post-COVID-19 world. Now, it looks undone by its heavy dependence on exports to China and energy imports from Russia.<\/p>\n<p>Investment has contributed nothing to growth in recent years and industrial productivity is declining at a shocking annual pace of five per cent. Suddenly, the future of the Mittelstand \u2014 the network of manufacturers that has long been the engine of German growth \u2014 looks murky.<\/p>\n<p data-async=\"\">South Africa, meanwhile, was added to an acronym for big, fast-growing emerging markets led by Brazil, Russia, India and China back in 2010, when BRIC became BRICS. The largest economy in Africa, resource-rich South Africa was powered by a commodity boom that then went bust, exposing the country\u2019s many fault lines.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment9647884156862964173302519084089344\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The African National Congress (ANC) has held power for 30 years yet presides over the same dogged set of failures: youth unemployment above 50 per cent, a shocking share of the population on welfare, weak investment and rolling power outages. While voters could oust the ANC next month, the malaise looks too deep to end soon. The International Monetary Fund predicts negative per-capita GDP growth over the next five years in only one top 50 economy: South Africa.<\/p>\n<p>Finally, Thailand. A leader of the \u201cAsian Tigers\u201d before debts tripped them up in the crisis of 1998, it is now the runt of the lot, the only former Tiger to see its per-capita GDP decline in this decade. It has one of the world\u2019s highest inequality rates, with 79 per cent of the poor living in rural areas.<\/p>\n<section aria-labelledby=\"moreTopicLabel1839201548344857603038632420048896\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" faces=\"\" warning=\"\" signs=\"\" as=\"\" gen=\"\" z=\"\" feels=\"\" poorer=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"For respondents aged 18 to 29 \u2014 who are mostly members of gen Z, along with the youngest millennials \u2014 the index fell to 40, the lowest recorded in its 16-year history.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=80&sig=Gp9PLui__xDWIaouWpM-PQ\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=5&sig=CsVNPyFFD6dB68sZmqsXxw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=96&strip=all&quality=80&sig=Gp9PLui__xDWIaouWpM-PQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=192&strip=all&quality=80&sig=pKqrddY2p3lZQeZSUooOMg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0506-bc-gen-z-2.jpg?h=288&strip=all&quality=80&sig=OP5YXokBlRo9Cs7emi-v8g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Trudeau faces warning signs as gen Z feels poorer<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" gdp=\"\" has=\"\" only=\"\" ever=\"\" been=\"\" seen=\"\" during=\"\" recession=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=96&strip=all&quality=80&sig=_FDKmNjZhpiAilpN0rV-jg, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=192&strip=all&quality=80&sig=QOUcpj7g5LhvSLK6C9ojfg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/gdp-population-gs0430.jpg?h=288&strip=all&quality=80&sig=2gE-Oci9GXk7Xvhtd2s6gQ 3x\" alt=\"GDP\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Cratering GDP has only ever been seen during recession<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" economists=\"\" say=\"\" about=\"\" slowing=\"\" gdp=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Bank of Canada governor Tiff Macklem next decides on interest rates on June 5. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=80&sig=YA8JNbThjnpEznNech12vA\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=5&sig=USRR_-4mZ7At1wJTpI5mjA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=96&strip=all&quality=80&sig=YA8JNbThjnpEznNech12vA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=192&strip=all&quality=80&sig=Le-pCts-Z8gyiL9hL7qB4Q 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/bank-of-canada-0430-ph.jpg?h=288&strip=all&quality=80&sig=ORJHMvkhJLw6BrY4Un0ZMA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">What economists say about slowing GDP<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>A running political battle between the rural poor and the Bangkok elite focuses public debate on how to distribute \u2014 not expand \u2014 the economic pie. Despite efforts to turn its location on global trade routes into a factory hub, productivity growth is stagnating and Thailand is losing out to manufacturing rivals such as Vietnam.<\/p>\n<p>The takeaway here is not that smart countries somehow turned stupid. It is that hidden traps line the path of development and can spring on nations at every income level from the middle to the rich. One basic mistake or miss, and any country can find itself stuck, until it finds the leadership and vision to chart a way out. For current stars, the message is a warning: don\u2019t take growth for granted.<\/p>\n<p><em>Ruchir Sharma is chair of Rockefeller International.<\/em><\/p>\n<p><em>\u00a9 2024 The Financial Times Ltd.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Canada among breakdown nations with lesson for world<\/a><br \/>\n<br \/>2024-05-10 17:10:37<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Financial Times Economy Canada leads nations which have suffered a sharp decline in per-capita GDP Author of the article: Financial Times Ruchir Sharma Published May 10, 2024&#8230;<\/p>\n","protected":false},"author":2,"featured_media":46894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/secure.gravatar.com\/avatar\/f90f4d3897ea8b2a0fa40a23bed95d16?s=70&d=mp","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-46893","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/46893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=46893"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/46893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/46894"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=46893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=46893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=46893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}