Unemployment fell faster than in any developed nation during the 40 months that ended in May, to its lowest level since 1976. Gross domestic product accelerated to a pace second only to the U.S. rate. The stock and bond markets proved world beaters with the best returns and most stability.
Behind the robust health are data showing Canada transitioning to a technology juggernaut from a country defined by its dependence on fossil fuels. While the government continues to subsidize coal, gas and oil, which account for 77% of the nation’s energy needs, the correlation between the price of oil and Canadian stocks has all but disappeared since Trudeau became prime minister, according to data compiled by Bloomberg. The traditional interdependence of stocks and oil prevailed during the 10 years preceding his election.
The Canadian election on Monday may be too close to call. But no one can say Canada hasn’t changed for the better in the past four years.