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Canada’s economic competitiveness is continuing to deteriorate, according to the World Economic Forum’s (WEF) latest rankings.

National Bank Financial (NBF) reports that Canada has slipped to 14th place in the latest Global Competitiveness Index rankings, which is down two spots from last year. Canada was holding down 10th place back in 2017.

Singapore ranks first in the index, pushing the U.S. down to second spot, with Hong Kong taking third place.

NBF notes that Canada’s competitiveness looks weak particularly relative to its closest rival, the U.S., underperforming the U.S. in most of the categories the index measures.

In its report, 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.”

NBF says the list should also include increased infrastructure investment, lowering interprovincial trade barriers, recruiting more highly skilled foreign workers and reducing red tape.

“Clearly, the federal government has its work cut out,” NBF states, “and we’ll be hoping whoever is elected on October 21 makes it a priority to address Canada’s competitiveness gap with the U.S.”