Canada: A Competitive and Stable Investment During Recession

Karicia Quiroz, Research Manager, Invest in Canada

skyscrapers with flag of canada

In past recessions, Canada has consistently been a competitive and reliable investment destination for foreign investors.  Canada not only rebounded immediately after the end of the 1990-1992 recession and the 2008-2009 financial crisis with positive growth in annual foreign direct investment (FDI) inflows, it was the only G7 country to display continuous growth in the aftermath of both economic downturns. 

Examining Canada’s FDI and economic recovery from historical crises reveals that Canada is well-positioned for recovery from COVID-19. Why? Let’s take a deeper look.

Economic Recovery Efforts in Canada

As Ian McKay, CEO of Invest in Canada, highlighted in a recent blog post, there is a perspective in the trade and investment community that Canada’s current response to the pandemic has been one of the most effective in the world.  To compare, Canada’s stimulus package for COVID-19 is a lot bigger (9.8% of GDP) than the Economic Action Plan (EAP) for the 2008-2009 financial crisis (3.9% of GDP).  Nevertheless, we can learn a lot about the potential COVID-19 recovery path by observing the past. 

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How Cleantech is Leading Canada to a Greener Recovery

Saïka Sarazin, Investor Services Advisor, Invest in Canada

Engineer of wind turbine

Canada is a world leader in developing clean technologies across industries. The economic recovery from COVID-19 presents an opportunity for continued innovation in the space. As more industries eye opportunities to lower emissions in their business and supply chains, government programs and companies across Canada serve as models. Under the framework established by the Pan-Canadian Framework on Climate Change and Clean Growth (PCF), the Government of Canada—together with provincial and territorial governments—has committed to “modernize procurement practices, adopt clean energy and technologies, and prioritize opportunities to help Canadian businesses grow, demonstrate new technologies and create jobs.”

Defined as a technology that offers environmentally sound solutions to the world’s ecological challenges, cleantech solutions continue to be adopted by businesses operating in Canada. As Canada moves forward to achieve net-zero emission targets and limit the effects of climate change, there is an opportunity for industry leaders to help guide that transition over the coming months, years and decades.  

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Canada's Resilience Promises New Opportunities

Ian McKay, CEO, Invest in Canada

flag of Canada

During this COVID-19 pandemic, Canada’s priority has been one of protection and preparation: protecting people’s health and safety while preparing business for a smooth transition to recovery.

By following the advice of Canada’s public health officials, this entire country—our citizens, business people and political leaders—have been working together to make sure we are well-positioned for a strong and resilient economic transition that will see more global investors choosing Canada in the weeks, months and years ahead.

This confidence I have in Canada’s resilience comes not only from past experience, but also what I am presently seeing and hearing from others.

One recent conversation that stands out involved a representative of one of Canada’s most important trade and investment partners, who believes Canada’s collective response to this crisis has been more effective than any other country in the world, particularly in terms of listening to the health experts, responding quickly, and delivering meaningful government support programs.

The proof is in the present

What kind of government support programs were being referenced? Let’s take a look at specific actions taken by the Government of Canada that global investors will want to know about.

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Global Pandemic: How Canada is Rising to the Challenge

Invest in Canada

women wearing mask and delivering groceries

On December 30, 2019, Toronto-based BlueDot informed its clients about unusual pneumonia cases detected around a market in Wuhan. Using artificial intelligence, the company’s platform predicts the spread of infectious diseases. It was the first to predict the COVID-19 outbreak.

Three months later, companies everywhere in Canada are finding new ways to join the fight and are spearheading a global movement of collaboration. While biotech companies search for a cure, manufacturers are repurposing their production lines to supply medical gear and tech companies are pitching in to support healthcare professionals, small businesses and Canadians.

Times may feel uncertain, but one thing is clear, Canada stands strong in resilience.

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Breaking new ground

If there was ever a time to see Canada’s talent in action, this is it. Across the country, our life sciences ecosystem is mobilizing to find innovative medical solutions to the ongoing global crisis – and it’s working.

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