Standard of Living in Canada Dropping Steadily Since 2019: Study

Standards of living have dropped steadily in Canada since 2019 and, without a turnaround this year, the country is set for the longest streak of deterioration in decades, according to a new study. The study published by the Fraser Institute, says Canada’s real gross domestic product (GDP) per person, an inflation-adjusted measure of the goods and services produced by the nation per individual, dropped 3 percent between April 2019 and the end of last year, from $59,905 to $58,111. The institute uses the statistic as a metric for incomes and therefore standards of living. “This represents one of the longest and deepest declines in real GDP per person since 1985, exceeded in both respects only by the decline and recovery that occurred from Q2 1989 to Q3 1994,” the study concludes. “However, the decline in incomes since Q2 2019 is ongoing, and may still exceed the downturn of the late-1980s and early-1990s in length and depth of decline.”...