Living standards in Canada are at their lowest level in the last 40 years

If Canada's gross domestic product per capita does not recover by 2024, its steady decline since mid-2019 could become the longest decline in four decades, a new study suggests. The report, released on Thursday, showed that from April 2019 to the end of 2023, inflation-adjusted per capita GDP fell from $59,905 to $58,111, a three percent drop.
According to this report, three significant periods in terms of length and depth of decline include the second quarter of 1989 to the third quarter of 1994, the third quarter of 2008 to the fourth quarter of 2011, and the second quarter of 2019 to the second quarter of 2022. The recent decline, which started in the second quarter of 2019, is unique because it recovered temporarily in the second quarter of 2022, but declined again and remained below the level of the second quarter of 2023 until the fourth quarter of 2023.
Despite the high population growth and labor force growth that has led to an increase in GDP in recent years, GDP per capita has continued to decline. The latest decline, which spans 18 fiscal quarters, is the second and longest decline in the past four decades. The study warns that if this trend does not stabilize in 2024, it could become the sharpest and longest decline in four decades.

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