Canada scores well in BMO rating in 2011, but Germany does better

The Canadian Press

OTTAWA The Bank of Montreal says Canada?s economy was the second best in the Group of Seven big industrial nations this year.

The bank says in its annual report card that only Germany, with a lower unemployment rate and a current account surplus, did better than Canada.

Italy, which is facing a major sovereign debt crisis, fared worst in the group.

The scorecard suggests the Harper government?s contention that Canada leads the G7 in economic performance is an exaggeration.

While Canada is performing better than the G7 average, Germany scores higher in four of five major categories ? jobless rate, inflation, government fiscal health and the current account balance with the rest of the world.

In the fifth category ? credit rating ? the two countries are tied with the top AAA rating.

In a separate report, the Canadian Chamber of Commerce says Canada?s economy is likely to continue to experience moderate growth in 2012. It predicts Canada?s gross domestic product will rise by 2 per cent next year, followed by a 2.6 per cent expansion in 2013 ? both numbers similar to the consensus reading of economists.

Source: http://www.thespec.com/news/business/article/646095--canada-scores-well-in-bmo-rating-in-2011-but-germany-does-better

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