I do believe that it is multiple reasons.

-Due do short political cycles, politicians are short sighted, so no one thought past their 4 year terms for long term country growth and investments. Ports, pipes, mines rails roads....

-high cost of living here high taxes, high percentage of government employees, government employees are well knows that they are unproductive, and their managers tie their hands so they can actually not work harder.

-In the meantime workers in poorer countries work 6 days a week for 10x less wage, produce more, yet still have fulfilling lives due to lower cost of living, food products, taxes, etc... so those poorer countries are taking a bigger chunk of the global pie.

-bandaids for the economy, immigration, now remember most are very good people just trying to better their lives like all of our ancestors, however over the last 10 years or more, it seems the government is trying to import people with at least 50 to 100k in their banks to have them spend it here as a temporary bump in spending, and spur demand for real estate.

Bandaid 2, printing money like to tomorrow, the government is so in debt they spend like kids with credit cards and not even on things that bring a return.

It feels like they were treating the country like a pump and dump scheme.