There is little doubt that events from last year caused damage on economies all over the world, including Canada. The good news is that the Canadian government has done significant research on industries that are quickly expanding and will be vital to the country’s economic recovery.
Experts and analysts believe that Canada will recover from the recession faster than other countries. Some have even predicted that, thanks to a few developing industries, the Canadian economy will be thriving again by the end of 2021.
You’ll need the facts to obtain a good understanding of the industries and sectors that are essential to the economy’s recovery. These facts may assist you in choosing a more lucrative career path or make important investing decisions.
We teamed up with Michelle Thomas (view profile), an expert analyst, to bring you more information on these industries and how important they will be to our recovery. Keep reading to find out more.
Cryptocurrency
When it comes to money, banking, and cryptocurrency, Canada has been noted as one of the most forward-thinking countries in the world. Many countries and their governments have been concerned of the change to traditional monetary systems when it comes to cryptocurrency acceptance. Canada, on the other hand, has embraced the change and was one of the first great nations to include cryptocurrency transactions into everyday business and consumer transactions.
Canadian nationals have become accustomed to making use of fintech companies and cryptocurrencies. However, cryptocurrency’s quick growth in the country has been supported by more than simply the consumer. Business owners have wholeheartedly accepted the new monetary system and have adapted accordingly.
Consumers can now transact with industry-leading businesses such as Canadian casinos, fast food restaurants, and even online stores while benefiting from the advantages of blockchain technology. As a result, Canadians will be able to exchange cryptocurrencies in a safer, faster, and less expensive manner. Online gaming sites, e-commerce businesses, and retail franchises such as KFC have all contributed to the cryptocurrency industry’s growth.
E-commerce
Given how important technology is in modern life, it’s no surprise that eCommerce continues to grow at a rapid pace. The change in consumer culture, the concersely proportionate relationship between convenience and time, the rise of eCommerce business owners, and online-only bargains are only a few of the reasons behind this. The growth of e-commerce, combined with the popularity of cryptocurrencies, has taken us closer to a world dominated by technology.
According to revenue growth analysis, the growth of e-commerce has a direct impact on logistics and Scheduled Air Transportation, which was listed as the most successful growing industry in Canada. E-commerce also promotes jobs in other sectors, such as retail, software development, and manufacturing.
Software Development and IT
Canada’s IT industry has become known for some of the best companies in innovation and the hundreds of skilled professionals who work at them. While IT is a large industry that has been developing for some time, one part of it, software development, has risen limelight and been recognized for its rapid growth. The increase in remote work seen over the last year has been linked to the unexpected growth of software development.
While some businesses have reverted to traditional working arrangements with their employees in some parts of the world, a far bigger number of businesses have chosen to allow their staff to work remotely. Twitter’s recent announcement to let a few of employees to work from home for the rest of their tenure is another proof that remote work is set to become a large part of the world. This is excellent news for the software development industry, as these businesses will need to hire experienced developers to upgrade their software to accommodate for the geographical distance between employees.
The growth of the software development industry has been aided by the boom in online gaming, particularly among operators who offer casino games online, and is likely to continue doing so.
Online Gaming
Gambling is one of Canada’s most popular pastimes today, and the introduction of mobile gambling has resulted in significant growth over the last ten years. The growth of online casino sites in Canada is directly linked to two of the businesses described above: cryptocurrency and software development. With a click of a button, software developers have created a wide range of real money and free casino games.
Furthermore, cryptocurrencies allow improved security and faster transactions on sites that provide online gaming services to Canadian gamers. Many innovative solutions from Canada’s technology industry have been effectively integrated into gaming sites, giving players with a superior experience.
Is a Speedy Recovery Possible?
While traditional industries like retail, land-based casinos, and traditional banking have recovered the Canadian economy in the past, evidence suggests that technology and modern business models can speed up the recovery while providing thousands more job opportunities for professionals.
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