(MENAFN) In the current global landscape, the spotlight often falls on economic powerhouses like the United States and India, which are renowned for their robust economic performance. However, it is equally crucial to examine countries that were once hailed as high-performing economies but are now grappling with decline. Among the top 50 largest economies globally, several nations including Canada, Chile, Germany, South Africa, and Thailand are witnessing a notable slowdown in the growth of real per capita income and a diminishing share of the global gross domestic product (GDP).
These erstwhile "model" countries offer valuable lessons, underscoring the arduous task of not only achieving growth but also sustaining it over the long term. The adage holds true that today's stars are not guaranteed to remain so in the future.
Take Canada, for example. Despite earning widespread acclaim for its resilience during the 2008 global financial crisis, the nation has found itself lagging behind as the global economy increasingly gravitates towards big technologies over commodities. Canada's GDP per capita has experienced a steady decline, with an annual rate of decrease standing at 0.4 percent since 2020. This marks the poorest performance among advanced economies within the top 50 largest global economies. Consequently, the Canadian government is now focusing its efforts on driving new investment and fostering job growth to counteract this downward trajectory.
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