Canada ranks near the bottom of OECD countries in real GDP per capita growth from 2015 to 2024, according to data visualized by IceCap Asset Management using IMF projections. Canada’s real GDP per capita growth adjusted for purchasing power parity reached only 2.1% over the 10-year period—placing it 37th out of 38 OECD nations.
By contrast, countries like Poland (41.9%), Ireland (41.6%), and Turkey (37.1%) lead the chart. At the very bottom of the ranking are Germany (3.7%), Mexico (2.9%), Canada (2.1%) and Luxembourg (-1.8%).
On the other hand, growth forecasts aren’t exactly positive for North America either. The IMF has sharply downgraded its US growth forecast in its April 2025 World Economic Outlook, projecting GDP expansion of just 1.8% for the year, down from 2.8% in 2024. Canada meanwhile is expected to see even lower growth, at just 1.4% in 2025, down from 1.5% in 2024.
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“The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity,” the IMF said.
Trump’s April 2 tariff announcement was so disruptive that the IMF admitted it had to “jettison our projections—nearly finalized at that point.”
This slowdown, however, isn’t isolated. Global growth is forecast to fall to 2.8%, down from 3.3% in 2024, and well below the pre-pandemic average.
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