While there were plenty of big things happening in 2019, one that might have slipped under people's radar is the fact that Canada's economy actually showed some improvement. According to a new report, Canada has actually moved back into the top 10 economies in the world.

The World Economic Table League 2020, published by the Centre for Economics and Business Research, states that the northern country's ranking moved up to spot 10 in 2019 after falling to the eleventh spot in 2014.

The country has already moved on up, and according to projections from CEBR, it is set to climb even higher in the future, moving past both Brazil and Italy to take the number eight spot by 2029.

Canada's economic success is driven in part by attracting skilled migrants, according to CEBR. It notes that the population there grew by 1.1% every year between 2014 and 2019.

The improved ranking also comes despite a drop in overall GDP growth, which is what measures how fast an economy is growing. While the GDP grew by 1.5% in 2019, that was actually a decline from the 1.9% growth it experienced in 2018.

One of the main factors that has been slowing Canada's economic growth is the steady unemployment rate, which has held at 5.7% and therefore affected consumer spending.

The report also references the recent federal election, stating the fact that it will be difficult for Justin Trudeau and the Liberals to make any major economic changes with a minority government.

However, CEBR is forecasting that Canada's economy will get even better.

They predict that GDP growth will hit an average of 1.7% between 2020 and 2034, helping to improve the country's economic ranking in the years to come.

Canada might be at the very bottom of the top ten, but we still made it in. Plus, based on these numbers, the future is only looking brighter.


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