Canada has ranked fifth in a league table of the most prosperous countries but there are some risks which could topple its position.

London-based think tank Legatum Institute ranks New Zealand, Norway, Finland and Switzerland above Canada with Australia just behind and the US in 17th place.

However, health and education are two areas where Canada is slipping, and overall prosperity has been half that of the UK and New Zealand. The report highlights that Canada has fared better than the US.

The report also warns that despite its prosperity Canada is not immune to economic growth failings seen in Latin America, noting that Canada “faces a similar challenge in keeping its prosperity rising, with oil producing provinces likely to be hit in their creation of prosperity by falling oil prices in a way that oil-consuming provinces will not be.”

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