According to IMD World Competitiveness Rankings, Canada is no longer one of the world’s top ten most competitive economies.

“In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity,” said IMD Professor and Director, Arturo Boris.

“A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens.”

Canada’s current ranking is 13 out of a total of 63 countries, only a single spot higher than China. Since the survey began in 1997, Canada has consistently made the top ten list.

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Things began to change in 2015 due to a struggling oil sector and other long term factors.

Currently, Canada’s economy has been hampered by sluggish growth and several ongoing trade disputes.

Other developments on the index also include the United States being replaced by Singapore as the world’s most competitive economy.