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Wire & Cable ASIA – January/February 2012
37
From the
americas
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,
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.
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.