Following more than 24 months of government protocols, social isolation, quarantines, and lockdowns because of the global pandemic, 2022 has reached a recovery stage from this destructive occasion, as citizens return to their jobs and businesses resume their regular schedules. Three months into the new year, many of us ponder the economic recovery from COVDI-19 and how industries are faring.
Obviously, the aftermath of the pandemic has put a severe strain on the world economy, and Canada is no exception. With that said, implemented plans and procedures taken by the Canadian government have delivered a durable outlook. Countless commercial enterprises have remained resilient and could make a significant revival in 2022 that will be crucial to the country’s economic restoration.
Economy professionals and analysts believe that Canada’s bounce back from the pandemic could be quicker than other countries, mainly because of the Great White North’s fast reaction to COVID-19. Many of these experts anticipate that they could even receive a complete recovery before the end of 2022 with specific evolving industries that, despite the economy-crippling pandemic, managed to thrive because of tech developments and are now turning into some of Canada’s fastest advancing markets.
In 2021, the high intake of vaccinations and the reintroduction of the economy assisted Canada in a steady rebound from the Covid-19 pandemic. The Organisation for Economic Co-Operation and Development (OECD) most recent studies showed that Canada’s economy rose by 4.8% in 2021 but stayed less than the OECD’s worldwide average, which fell between 5.3% and 5.6%. However, the OECD projections for 2022 reveal that Canada’s economy will grow by 3.8%. Despite the 2022 estimations falling lower than last year’s growth, it will reach the OECD average.
Vaccination rates assisted Canada in the resumption of daily practices. The industries we’re going to highlight below are predicted to receive a strong rebound within the next few years and become some of Canada’s most notable growing businesses throughout the next few years.
iGaming, Casinos & Sports Wagering
Gambling activities are some of Canada’s most sought-after forms of entertainment and have been for many centuries. A rich history of gambling in Canada stems from before European settlers arrived on the land, and reports have even suggested that games like Shahal were being played before the Ice Age. With such a broad social and communal significance, it’s no surprise that online gaming is the leading industry in Canada.
Online gambling in Canada has taken a fair share of the 19.3 million active online gamers, and Canada is ranked 8th worldwide in which countries spend money on online gambling. Even the traditional land-based casinos continue to receive an exponential growth in market revenue since the pandemic restrictions eased. The current market cap of casinos and online gambling in Canada is valued at $13 billion.
However, in 2020 and 2021, citizens were put under house lockdowns, and those brick-and-mortar Casinos were forced to close. This resulted in an online gambling boom.
Throughout the previous few years, Canada’s iGaming industry has charmed and welcomed established operators worldwide. This has resulted in some industry leaders in Europe and the U.S. establishing themselves within the Canadian market. Owning some of the most advanced technological directions and rare iGaming portfolios, said companies are heavily involved with the rapid growth of the Canadian online gambling industry.
The gaming industry was previously regarded as a questionable market. Still, it’s now evolving into a dominant division of the online business industry, and predictions expect the global earnings to reach more than $90 billion before 2023.
E-Commerce
Technology will forever be a key figure in most of our day-to-day lives. So, it should come as no surprise that the eCommerce industry is one of the fast-rising within its sector.
The eCommerce industry is a critical player in almost every location on the planet; with more vendors becoming available and cheaper online deals and promotions, it isn’t expected to slow down. It’s fast and convenient, and as we live in a digital era, the prevalent download culture continues to assist the industry in its global market domination.
Canadian businesses such as Spotify are enriching their procedures, and the rise in eCommerce business owners and online-only promotions are a huge asset. The spread of eCommerce, combined with the acceleration and demand for crypto-based currencies, moves us to a world where most consumerism is technology-based.
In addition, eCommerce assists alternate industries with employees and is helpful for manufacturers, retailers, and IT development.
Cryptocurrency
We’re living in the digital age, and Canada’s progressive nature is highly accepting of the expanding cryptocurrency market. Numerous banks and government sectors have welcomed crypto as a principal innovation in the monetary system. A great example is Canada’s Kentucky Fried Chicken (KFC) establishments, where unlike most KFC stores around the globe, Canadian citizens can purchase meals using bitcoin.
Healthcare
Healthcare in Canada is helping locals live a more extended and healthier life. The Canadian government states there will be 10 million residents over the age of 60 within the next decade. Doctors, nurses, and healthcare professionals will rise in demand, resulting in a stable industry.
Outlook
In conclusion, long-term investors or younger generations contemplating a future career can consider any of the industries mentioned above and feel a sense of reliability in their decision. Canada will continue its pre-pandemic recovery and flourish in numerous sectors during 2022 and beyond.
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