On January 1, 2017, we consolidated reporting for the USA and Canada regions into one North American Region, chaired by Dan Heiman of Kansas City. We continue to offer separate reports for Canada and the USA for the 2017 review.
Executive Search in Canada– 2017 Outlook
When Growth is Slow, Throw a Party
Most of the media and financial analysts in Canada reported a mildly disappointing year in 2016, and are forecasting a modest pick-up in the coming year. But we’ve got two big parties to go to!
The entire country is anticipating a big year in 2017 – at least culturally and politically. It is the nation’s 150th anniversary and the 375th anniversary of Montreal, the largest French speaking city in North America. There is also a political renewal underway with a new Prime Minister only 15 months in office and both the opposition Conservative Party and third place New Democratic Party choosing new leaders this year.
Canada’s economy is the 11th largest in the world with an abundance of natural resources and a well-developed, international trade networks.
In recent years, the most growth has been experienced in the west of the country as trade with Asia has strengthened. British Columbia is rich in natural resources, but the focus has been on Vancouver which has grown to become one of the nation’s largest industrial centers.
Port activities generate $9.7 billion in gross domestic product and $20.3 billion in economic output. A traditional location for forest product and mining companies, in recent years, Vancouver has become a center for software development, biotechnology, aerospace, video games development, animation studios and television production and film industry.
According to Statistics Canada, the Vancouver area has the lowest unemployment rate and the strongest growth rate in the country.
In 2017, growth is expected to remain modest, going from 1.3% to 2%. Late in 2016 the Bank of Canada cut its economic forecasts through 2018, predicting a slower housing market and conceding the export sector may not rebound the way many anticipated.
The greatest hope for Canadian growth appears once again to be our exports, aided by a weak Canadian dollar.
Read our report on the 2017 national outlook for the USA.