WCA January 2012

From the americas

Canada leans “heavily” on the US economy. But, while unemployment in the US stays stubbornly above nine per cent, it is 7.3 per cent in Canada. The 25-year Canadian average is 8.5 per cent. Currently the eurozone unemployment rate is 10 per cent. ❖ The US ranked No 10 in Forbes’s reckoning, down from No 9 in 2010. The world’s largest economy at $14.7 trillion continues to be one of the most innovative, ranking sixth in patents per capita among all countries. Sweden, No 7 overall, comes in tops for innovation. Here is the full list of the Forbes top ten for business in 2011: Canada, New Zealand, Hong Kong, Ireland, Denmark, Singapore, Sweden, Norway, Britain, the United States.

move north may exert a stronger attraction than ever to disaffected Americans. Canada ranks No 1 in the Forbes rankings, up from No 4 in 2010, for reasons summarised by Mr Badenhausen. While the US is fearful of a double-dip recession and Europe struggles with sovereign debt issues, Canada’s economy has held up better than most. The $1.6 trillion Canadian economy is the ninth-biggest in the world and grew 3.1% in 2010. It is expected to expand 2.4% in 2011. (“The Best Countries for Business,” 3 rd October). Canada skirted the banking meltdown that scourged the US and Europe. The Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, and other banks avoided bailouts and were profitable during the financial crises that started in 2007. As noted by Mr Badenhausen: “Canadian banks emerged from the tumult among the strongest in the world thanks to their conservative lending practices.” Canada is the only country that ranks in the top 20 in ten of the 11 metrics that Forbes considered. It is in the top five for both investor protection and the absence of red tape, which measures how easy it is to start a business. Credit goes as well to a reformed tax structure; a Harmonised Sales Tax was introduced in Ontario and British Columbia in 2010, with the goal of making Canadian businesses more competitive. Reduced corporate and employee tax rates also contributed to the country’s improved tax status. “Three-quarters of [Canadian] exports end up in the US each year,” wrote Mr Badenhausen. Thus, he said,

Telecom

A great favourite of its fellow Canadians, Research in Motion leads something of a charmed life According to survey results released 1 st October by the recruitment firm Randstad Canada, the best Canadian employer is Research in Motion Ltd, maker of the BlackBerry smartphone.

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Wire & Cable ASIA – January/February 2012