Economic prosperity: the CPQ also gives the note C in Quebec – LaPresse.ca

The sixth bulletin of economic prosperity of Quebec, announced Thursday, also awards a “C” in the province, the same rating since 2010, stagnation concern the employers’ organization.

 “Unfortunately, there have not been many gains here over the past year,” noted the CEO of the CPQ, Yves-Thomas Dorval, during a telephone interview on Thursday.

 The Bulletin compares including the positioning of Quebec with respect to wealth creation with Ontario, Alberta and British Columbia – the three most populous provinces – as well as members of the Organisation Economic Cooperation and Development (OECD).

 In the rest of Canada, Ontario, Alberta and British Columbia get the respective notes of “B”, “B” and “B -”

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 According to the document taking into account 21 indicators, Quebec comes 23rd among the 38 countries and provinces considered in terms of gross domestic product (GDP) per capita, with $ 36,168.

 This performance is below the Canadian average of $ 44,000 and OECD ($ 39,000).

 The Bulletin gives inter alia good grades in Quebec for post-secondary education (A), the tax rate on investment (B), expenditure on research and development (B).

 However, the CPQ notes that Quebec is worse than other provinces such as Ontario, British Columbia and Alberta for dropout (D), taxes on payroll (C) and the burden of public debt (D).

 “Dropping out is very worrying, said Mr. Dorval. There is also the economic integration of immigrants. We are in last place when one compares. Taxes on payroll are 30% higher than in Ontario and 40% higher than the Canadian average. “

 As regards public finances, the note changes from “B-” to “C”, a distance that can be explained by a marginal effective tax rate on investment less effective.

 “There has been a sizeable reduction in tax credits in Quebec,” said Mr. Dorval, referring to the cuts imposed by the finance minister, Carlos Leitao, in his first budget tabled in 2014.

 The CEO of CPQ also highlighted the shortcomings of Quebec in literacy and numeracy economic. According to him, this makes it difficult to bring economic prosperity to the heart of issues as well as topics of discussion.

 Furthermore, the employers’ organization took advantage of the campaign to expand the scope of its Bulletin leaning first on the Canadian portrait in economic prosperity.

 Overall, Canada receives a rating of “B +”, which, in the opinion of Mr. Dorval, places the country “not among the first, but not far behind.”

 The main weaknesses identified by the CPQ concern the competence of adult numeracy economic (C), the marginal effective tax rate on investment (C) as well as expenditure on research and development (C).

 “Without productivity improvement, we will not be able to improve prosperity, said Mr. Dorval. This requires, among other expenses in research and development, especially in innovation. “