Three Industries That Are Bucking the Economic Trend in Canada

Canadian dollar” (CC BY-SA 2.0) by valakirka

2022 is a year that has hardly started out very well for Canada’s prime minister Justin Trudeau. That’s because it seems he may seriously have underestimated the situation concerning inflation.

Surpassing the very worst predictions of economists, in January the figure hit the record level of 4.8%, the highest it has been since 1991 and way above the national benchmark level of 3%.

This has also put the Bank of Canada is something of a difficult spot. The record-high inflation rate for the 21st century has also coincided with an all-time low for interest rates at 0.25%. But now it looks like the Bank’s hand may be forced into increasing the base rate, with some observers believing that this may have to happen up to six times this year until inflation is finally brought back under control.

The increase in the cost of living has been primarily driven by rising prices of food, gasoline, and housing as well as generally harsh economic conditions. However, there are three sectors that are continuing to thrive against the less-than-ideal conditions.

Clean Energy

Three Industries That Are Bucking the Economic Trend in Canada

Red wind farm” (CC BY 2.0) by Thank you for your interest and comments!

For many years the oil and gas extraction industries have been important contributors to Canada’s economy. But, as the world strives towards a less carbon-fuelled future, the clean energy sector’s time seems to have arrived. According to a report by Clean Energy Canada, over 430,000 people are directly employed in all areas of clean energy. What’s more, this figure is set to increase to almost 640,000 jobs by 2030, more than outweighing the 125,000 jobs expected to be lost in the mining of fossil fuels.

Online gambling

Following on from an example set by the Supreme Court in the US in 2018 allowing sports betting, 2021 saw a Private Members Bill with the same objective receive Royal Assent. This is expected to create a seismic shift in an already booming industry worth over $12 billion a year. Already, online casinos have proved to have caught the imagination of Canadians throughout the country, many of whom value the chance for remote play. Add to this the profusion of minimum deposit casino offers designed to attract new players and this success is destined to continue. The real benefit of the minimum deposit is that it gives players a chance to try out a number of casinos for as little as $1 until they find the one that suits them best.


It’s been a stated aim of the Canadian government to create a technology hub to rival Silicon Valley. Therefore it’s a sector that continues to receive a great deal of support both in terms of grants aimed at enterprise zones and the Start-Up Visa scheme to attract entrepreneurs to the country. Along with the home-grown talent being produced by the country’s universities, this should be more than enough for the sector to continue to thrive.

All good news for the country at a time when it’s needed most. But, whether this will produce a knock-on effect for the wider economy, it remains to be seen.


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