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Quick quiz: name the country who this week had its government brought down, and is facing an election, partly because the opposition did not approve of the recent budget?
Okay, there are two correct answers: Canada and Portugal. Actually as I write this the Canadian government hasn’t actually been brought down yet, but we all know where things are going.
Here’s my point though: despite some news stories linking the two, Canada and Portugal have very little in common aside from the usual political bickering. In fact, Canada has very little in common with most of the developed world, in the sense that it is doing so much better in terms of economics.
Let’s run through some statistics:
None of this is to pick on Portugal, or to suggest that there are not a lot of places that Canada could improve. And we should remember that Canada has had some less than stellar years too, when it was less than the economic rock star of the industrialized world.
Still, it doesn’t hurt to remind ourselves sometimes that a lot of things are actually going right, in an economic sense, close to home.
Yes, Canada does have some similarities with this week’s economic poster- child for a weak economy, but luckily for us they are political, not economic, in nature.