During the 2008 crisis, Canada’s stable banks, strong currency, and resilient economy were sources of national pride. Now declining oil prices, a plummeting currency, and lacklustre growth have cast a pall. Pundits are quick to point out that Canada suffers from lagging innovation and productivity and an over-reliance on natural resources. While some of that is true, it’s worth remembering that Canada still ranks fourth globally on our Martin Prosperity Institute’s ranking of global creative competitiveness and fifth in the world on high-tech venture capital startups.
But Canada could be doing so much better. The real problem is this nation’s near complete neglect of its great cities and metropolitan areas, which are the fundamental drivers of its entrepreneurial innovations and economic growth.