Impact of COVID-19 on Canada Economy Size, Growth & Industry Report to 2025

Canada is the 10th largest country globally and the second largest in North America in terms of GDP. As per the International Monetary Fund, the GDP of the country was around $1.73 trillion in 2019 with a growth of 1.5% in the last quarter of 2019 as compared to the same quarter in 2018. By the end of March 2020, more than 8,500 cases and around 100 mortalities due to COVID-19 has been registered in the country. The pandemic has caused a considerable hurdle in the economic activities in every industry segment in the nation. The TSX Composite Index, the benchmark Canadian index has fallen by more than 30% by 16th March 2020 as compared to 20th February 2020. A number of big lenders of Canada are forecasting that the Canadian economy can go into recession due to the COVID-19 pandemic.

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Based on industry classification, the impact of COVID-19 pandemic on Canada's economy is studied into automobile, energy, healthcare, retail & e-commerce, agribusiness and food, aviation, manufacturing, travel & tourism, and others. Among all the industries, the aviation industry is among the most affected industry in the country. The total number of airports operating in the country has reduced to 40 from 62 after the outbreak. Air Canada, the largest airline of the company has laid off half of its employees temporarily from 3rd April 2020 and has announced to reduce operations by 85-90% in the second quarter of 2020.

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Moreover, on March 26th Bombardier Inc., announced to halt their Canadian operation for two weeks in Ontario and in Quebec until 13 April 2020. Some other industries which are notably affected due to COVID-19 include travel and tourism, retail and e-commerce sector. A number of bricks and mortar restaurants are reducing their dining services in the country which include McDonald’s Canada. Besides, in Mid-March 2020 Cineplex Inc., also announced to close its 165 movie theaters and other entertainment venues till 2nd April 2020. The energy industry is also expected to decrease in the country due to a downfall in the international crude oil prices.

Key companies operating in Canada whose business operations are significantly affected due to COVID-19 include Air Canada, Bombardier Inc., Canadian Natural Resources Ltd., CGI Inc., Enbridge Inc., Fairmont Hotels & Resorts Inc., Fiat Chrysler Automobiles N.V., Ford Motor Co., Four Seasons Hotels Ltd., General Motors Co., InterContinental Hotels Group PLC, Magna International Inc. among others. A number of manufacturing companies are shutting their manufacturing units to prevent the spread of the virus. For instance, on 17th March 2020, the United Auto Workers announced the temporary shutdown of automobile factories in North America. After this, Ford Motor Co., General Motor Co., and FCA Canada announced to shut down their plants till 30th March 2020 in the country. In order to cope with the conditions, the government of Canada has announced an emergency aid package of $75 billion to increase healthcare infrastructure, pay the people who lost jobs, for the wage subsidies to small businesses among others.

Verticals Affected Most

Automobile
Energy
Healthcare
Retail & E-commerce
Agribusiness and Food
Aviation
Manufacturing
Travel and Tourism
Others (Construction, Electronics)

Company Profiles

Air Canada
Alimentation Couche-Tard Inc.
Bell Canada Inc.
Bombardier Inc.
Canadian Natural Resources Ltd. (CNRL)
CGI Inc.
Enbridge Inc.
Fairmont Hotels & Resorts Inc.
Fiat Chrysler Automobiles N.V
Ford Motor Co.
Four Seasons Hotels Ltd.
General Motors Co.
George Weston Ltd.
InterContinental Hotels Group PLC
Magna International Inc.
Nutrien Ltd.
Suncor Energy, Inc.
TC Energy Corp.
Telus Communications Inc.

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