Canada has one of the top 10 economies in the world, and over the last decade, it has become the base for a number of top companies looking to make their mark on the world stage.
If you take a step back and look at the top 20 world economies, many of their fastest-growing industries are driven by global trends – and Canada is largely the same.
Here is a look at some of the nuances in Canada that help the economy, particularly their exports, to thrive. Keep in mind, however, that the fastest-growing industries are symptomatic of more prominent global changes that have been building over the last 18 months.
The relationship between global, growing industries and those growing industries in burgeoning economies is also becoming more aligned as certain industries and prominent economies become less economically fragmented.
Artificial intelligence (AI)
Yes, it’s those two letters again. Artificial intelligence is snowballing, affecting a lot of different industries and driving growth in the top 10 economies in the world. Many of the latest Canadian AI startups operate out of Montreal and Toronto.
However, given the global push toward the mass adoption and research of AI and the rise in remote working, small pockets of AI startups are emerging throughout Canada.
The US, Canada’s biggest trading partner, is also the world’s leading researcher and developer of artificial intelligence technology. As a result of this colossal presence in the American sector, Canadian tech giants have hit the ground running with AI, aiming to assist companies that are looking to implement wide-scale, AI-driven changes.
We’re beginning to see these changes in many industries, from business solutions and finance trading to investing, education platforms and healthcare.
Casino Gaming
North America is right in the thick of a gambling boom. The US and Canada have repealed some local legislations, allowing several digital casinos and sports betting companies to offer their services to tens of millions of bettors in both countries, whether they’re playing at Royal Panda or one of the other gambling providers that have emerged as popular casino gaming platforms in Canada.
As with the US, Canadian law differs from province to province. However, following changes in several provinces that have allowed the influx of online casino gaming providers to set up their online platforms, the Canadian casino gaming industry is undergoing seismic changes.
Although competition within the sector is growing, many economists believe that the casino industry could be Canada’s most significant growth sector by 2030.
Tourism
After a turbulent few years in the global tourism industry, Canada is quickly finding its feet again. If you enjoy taking to the slopes, you’d be hard-pressed to find a country with better ski slopes or a more picturesque setting.
Given the country’s sheer size and natural beauty, ski resorts, city breaks and camper van trips across Canada are all becoming feasible once more. Canadian tourist companies are using these tools to advertise everything they offer, resulting in a considerable upsurge in tourists and making it a lot simpler for visitors to check out what’s on offer.
Since 2020, there has been a major drive encouraging Canadians to take domestic vacations instead of traveling overseas. Although this was driven mainly by the pandemic, given that the cost of living has also increased during the last few years, there are still growing numbers of Canadians looking to take staycations, and the tourism industry is reaping some of the benefits.
Manufacturing
Canadian companies are world leaders in the mass production of storage and container goods. With ample forests to explore, Canada is also the global hub for cardboard box manufacturing.
Many people now do much of their shopping online and more of their purchases use recyclable cardboard packaging, so box production has become big business in Canada.
Although this boom has been going on since the early 2010s, it remains one of the fastest-growing industries in the country.
A diverse economy
The Canadian economy is diverse, and as this list demonstrates, it’s not overly reliant on one or two industries or production methods. Economically speaking, the world has become a smaller place. This has meant that large, prominent economies like Canada have established better trading routes with many of their key partners.
The internet has made it much easier for international companies and sectors to communicate with each other and streamline trade and common business practices.
Many of the global trends we’re seeing are working their way down into individual economies, which is why casino gaming and AI are two of the biggest growing industries in Canada, much like in the US.
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