Madam Speaker, I have a late show again tonight and it is predicated on a question I asked back in May after the government's budget on the accumulating deficits it has drawn on this country. Parliamentary secretaries for the government at that time told me that there was no problem as Canada was still very highly rated in the world with the best fiscal record.
Let us address some of that in this question here. Canada now has a growth rate of about 1.2%. That is 1.2% per year, according to international bodies such as the Organisation for Economic Co-operation and Development and the International Monetary Fund, which is not exactly stellar considering that the OECD itself is about 3.8% a year. We have to do better in this country.
However, more than that, if we really look at these numbers, Canada has a huge productivity problem, such a productivity problem vis-à-vis the United States, our main trading partner, that between 2022 and 2023, the U.S. economy GDP per capita actually went up by 3.6%, whereas in Canada our GDP per capita went down by over 5%. How did that happen? That happened because of bad economic policies that, frankly, punish successful companies across Canada.
Also, we still grow our GDP, but we have not grown our GDP per capita because we have 2.4 million new Canadians. If we look at GDP per capita, minus 5% plus, that would mean we are actually in a recession. Did we avoid a recession by saying there is a whole bunch more people and, of course, people mean spending and spending means GDP? It is the nature of what the economy is. That is not the way to run an economy.
Our economy is falling down as far as our productivity goes, as far as the value add that we earn as a country. Now, this is interesting because 10 years ago, in 2013, looking at our productivity in Canada vis-à-vis the United States, Canada's GDP per capita at that point was about 98% of the U.S.'s GDP per capita. What is it now? It is 66% per capita, so it has fallen down by almost a third vis-à-vis our main trading partner. That is a disastrous decade that the Liberal government has foisted upon this country.
However, looking forward, which is the most important thing, we have to look at how this country reverts back to being a productive economy and how we actually get back to a standing in the world where we are once again a world leader.
Ray Dalio is a fund manager, a very important hedge manager in the United States, who is well regarded as far as his views on income equality and its importance in the economy. He looked at Canada in a realm of 35 countries and assessed us at number 26 out of 35, as far as our growth over the next 10 years goes. That was because of all kinds of issues, including the lack of education funding and the lack of ability to actually grow the country, but primarily the excessive debt we have built into the economy. He looked at Canada's 1.2% growth per year over the next 10 years. The top, of course, is India at 6.3% annual growth. The nine countries below Canada are all difficult European countries. We know that Europe's economy is in the sewer and is not going to emerge for quite a while because of bad energy policies.
I am going to ask the government this again: When is it going to address the stress it has caused in the financial markets and actually stop spending so much? The government has a spending problem and needs to get a hold of it to address inflation before it punishes Canadians even more than it already has.