Canada’s banking system has been ranked the world’s soundest for the third straight year by the World Economic Forum.
The Geneva-based think-tank also puts Canada in the top 10 countries for availability of financial services, corporate ethics, and overall quality of the educational system.
“It’s good to be No. 1,” Finance Minister Jim Flaherty said Thursday in Kitchener. “It has made a big difference in terms of Canada’s reputation in the world, and our leadership in the world in the G8 and the G20, particularly with respect to fiscal matters.”
Canada’s big banks withstood the financial crisis without taking government bailouts, and recorded only a fraction of the $1.3 trillion (U.S.) in writedowns taken by banks and brokers worldwide.
Still, Canada dropped one place overall to rank 10th in the annual listing of competitive economies, released Thursday by the World Economic Forum.
Switzerland held on to the top spot for the second year in a ranking that blends economic data with a survey of more than 13,500 business executives.
The U.S dropped two spots to land at fourth place due to huge deficits and pessimism about government. It ranked No. 1 in 2008.
The think-tank said Canada benefits from highly-efficient markets, well-functioning and transparent institutions and excellent infrastructure.
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