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The World Economic Forum (WEF) has released its 2019 Global Competitiveness Report, and the news isn’t good for Canada and the U.S.

Canada has continued a two year slide, from 10 in 2017 to 12 last year – and 14 this time around. The U.S. also fell, though in its case the slip was to second spot from the number 1 position last year. Singapore takes its place at the top of the rankings.

As reported in Advisor’s Edge, National Bank Financial (NBF) notes that Canada underperforms its biggest rival, the U.S., in almost all the categories that the index measures.

Commenting on Canada’s performance, the WEF notes that “further improvements in mobile broadband infrastructure and usage, greater investments in R&D and collaboration between companies, universities and research centres would benefit Canada’s competitiveness.”

For its part, the NBF adds that Canada’s to-do list should also include increased infrastructure investment, lowering interprovincial trade barriers, recruiting more highly skilled foreign workers and reducing red tape.

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