Canada ranks 9th among the 60 largest economies in the world, says a study by Grant Thornton.
The ranking is based on 22 indicators across five growth areas: business operating environment, technology, labour market, market growth and financing environment.
Canada ranks first for its business operating environment, which considers key indicators such as foreign trade and exchange regimes and controls and policy towards private enterprise and competition.
However, Canada needs to work on promoting itself as a choice business destination that supports the growth of foreign companies. Canada also ranked 20th in technology, as companies need to invest in the latest innovations to stay competitive.
Globally, Singapore, Israel, Australia have beaten global competition to top the Grant Thornton study. These countries offer dynamic businesses the right mix of regulatory stability, a strong labour market, technological infrastructure, growth opportunities and access to finance.
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